State Street Implements Leadership Succession Plan
November 07 2017 - 8:45AM
Business Wire
Jay Hooley to Retire as CEO by End of 2018; Vice-Chairman Ron
O’Hanley to Succeed Hooley as CEO and is Appointed President &
COO
State Street Corporation (NYSE: STT) today announced that Jay
Hooley will retire as CEO by the end of 2018 after more than 30
years with the company and will remain as chairman throughout 2019.
State Street’s board of directors has appointed Ron
O’Hanley, previously vice chairman of State Street and
president and CEO of State Street Global Advisors, to president and
chief operating officer. O’Hanley will succeed Hooley as CEO.
Under Hooley’s leadership, State Street has expanded globally
and established itself as a leader in digitization, positioning the
company to succeed in the 21st century economy. Since 2010 when
Hooley became CEO, State Street’s total shareholder return is
approximately 130 percent.
“Our most significant differentiator at State Street will always
be our people, and my greatest source of pride over the past eight
years has been to lead this talented 36,000-strong team,” said
Hooley. “I am very confident that Ron has the right qualities,
expertise and vision to lead the next phase of State Street’s
growth. Ron brings tremendous passion and energy to the role, as
well as a unique perspective having been a State Street client. I
know that his perspectives and background will serve us very well
as we seek to strengthen client engagement across the organization
and create a more seamless experience for our clients.”
O’Hanley has three decades of experience leading asset
management firms and serving both asset owners and asset managers.
Prior to joining State Street in 2015, O’Hanley served as president
of Asset Management & Corporate Services for Fidelity
Investments. Before Fidelity, O’Hanley spent 13 years in leadership
positions at Mellon Bank and Bank of New York Mellon including vice
chairman of Mellon Financial Corporation and Bank of New York
Mellon, and CEO of BNY Mellon Asset Management. O’Hanley began his
career at McKinsey & Company, Inc. where he served as a partner
and head of its Investment Management practice worldwide. In
January 2017, O’Hanley was named vice chairman of State Street. In
addition to his leadership responsibilities, he oversaw the
company’s strategy group and serves as executive sponsor for State
Street’s Black Professional Group.
Cyrus Taraporevala succeeds O’Hanley as president and CEO of
State Street Global Advisors. Taraporevala, a 27-year asset
management industry veteran, joined SSGA in 2016 from Fidelity
Investments. He will report to Hooley and join State Street’s
Management Committee, its senior-most policy making and strategy
group. Mike Rogers, who O’Hanley is succeeding as president and COO
of State Street, will retire at the end of 2017. He joined State
Street in 2007 following its acquisition of Investors
Financial.
Hooley continued, “I want to thank Mike for his contributions to
State Street and his support throughout this transition. Cyrus is
an excellent leader with expertise and experience that I know will
strengthen outcomes for State Street Global Advisors’ clients.”
“I am excited to lead State Street at a time of profound change
across the industry and for our clients,” said O’Hanley. “I believe
that we have the right strategy in place to enable our clients’
success, and growth for our shareholders. Throughout our 225-year
history our primary role has been as stewards – for the assets of
our clients, for our shareholders, for our employees, and for the
broader communities where we live and work. I am enthused about
this opportunity and very confident in our ability to succeed.”
O’Hanley, Taraporevala and Rogers will work together over the
next two months to enable a smooth transition of responsibilities.
As part of this transition, Andrew Erickson, currently head of
State Street’s Global Services business for the Americas, will lead
a newly-formed Global Services business worldwide. Jeff Conway,
currently CEO of State Street in EMEA, will assume a new role
leading State Street’s operations, infrastructure and business
transformation globally. These moves are in support of a more
seamless and consistent experience for clients worldwide as well as
to accelerate service and solution innovation as part of State
Street’s overall digital transformation. Liz Nolan, currently
co-head of Global Services for EMEA, will succeed Conway as EMEA
CEO and report to O’Hanley. Nolan has more than 30 years of
experience in the industry and she will also join State Street’s
Management Committee.
About State Street CorporationState 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 $32.1 trillion in assets under custody and
administration and $2.7 trillion* in assets under management as of
September 30, 2017, 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.
*AUM reflects approximately $36 billion (as of September 30,
2017) with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
Forward Looking Statements
This News Release contains forward-looking statements within the
meaning of United States securities laws, including statements
about management succession and transition and the assumption of
specific roles by identified executives, as well as our goals and
expectations regarding our business. Forward-looking statements are
often, but not always, identified by such forward-looking
terminology as “will,” “plan,” “forecast,” “believe,” “seek,”
“strategy” and “may,” or similar statements or variations of such
terms. These statements are not guarantees of future performance,
are inherently uncertain, are based on current assumptions that are
difficult to predict and involve a number of risks and
uncertainties. Therefore, actual outcomes and results may differ
materially from what is expressed in those statements, and those
statements should not be relied upon as representing our
expectations or beliefs as of any date subsequent to November 7,
2017.
Important factors that could cause actual results to differ
materially from those indicated by any forward-looking statements
are set forth in our 2016 Annual Report on Form 10-K and our
subsequent SEC filings. We encourage investors to read these
filings, particularly the sections on risk factors, for additional
information with respect to any forward-looking statements and
prior to making any investment decision. The forward-looking
statements contained in this News Release should not by relied on
as representing our expectations or beliefs as of any time
subsequent to the time this News Release is first issued, and we do
not undertake efforts to revise those forward-looking statements to
reflect events after that time.
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version on businesswire.com: http://www.businesswire.com/news/home/20171107005980/en/
State Street CorporationJulie Kane, +1
617-664-3001JEKane@statestreet.comorIlene Fiszel Bieler, +1
617-664-3477IFiszelBieler@StateStreet.com@StateStreet
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