State Street Announces CFO Transition Plan: Michael W. Bell to Step Down From Role Within the Next Year
March 10 2016 - 4:30PM
Business Wire
State Street Corporation (NYSE:STT) announced today that its
Chief Financial Officer, Michael (Mike) W. Bell will step down from
his role within the next year. An expected period of approximately
12 months before his departure will allow for State Street to
conduct a comprehensive search for his successor, and for an
orderly transition of the finance function. Bell has held the role
for almost three years and will continue to serve as CFO until the
appointment of a successor.
“I want to thank Mike for his contributions during a very
challenging time for our industry, including the role he’s played
in building out a very strong team within our finance organization
and strengthening our capital position,” said Jay Hooley, State
Street’s chairman and CEO. “We appreciate his commitment to
ensuring a thorough transition process for his successor.”
“I have relished this role, particularly working with such a
great team at State Street,” said Bell. “I will focus now on making
sure that the handover of responsibilities is as seamless as
possible.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $28 trillion in assets under
custody and administration and $2 trillion* in assets under
management as of December 31, 2015, State Street operates in more
than 100 geographic markets worldwide, including the US, Canada,
Europe, the Middle East and Asia. For more information, visit State
Street’s website at www.statestreet.com.
*Assets under management were $2 trillion as of December 31,
2015. Assets under management include approximately $22 billion as
of December 31, 2015, for which State Street Global Markets, LLC,
an affiliate of SSGA, serves as the distribution agent.
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