By Kristin Jones
State Street Corp. (STT) has named Michael W. Bell as its new
chief financial officer, ending a search the bank began in
November.
Mr. Bell, who is 49, was most recently CFO of life insurance and
financial services firm Manulife Financial Corp. (MFC, MFC.T,
0945.HK). Before that, he held executive roles at Cigna Corp. (CI),
including seven years as finance chief.
The incoming CFO will assume his new role in August, when Edward
J. Resch retires. State Street first disclosed news of Mr. Resch's
planned retirement late last year.
State Street is one of the country's largest trust bank, acting
as custodian for investment firms' securities and handling other
back-office duties. The company reported in April that its
first-quarter profit rose 9.1% as it cut costs and saw its
servicing fees revenue improve.
Shares closed Thursday at $65.53 and were unchanged after hours.
The stock is up 39% since the start of the year.
Write to Kristin Jones at kristin.jones@dowjones.com
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