State Street Announces Planned Retirement of Cyrus Taraporevala
January 19 2022 - 7:45AM
Business Wire
President & Chief Executive Officer of State Street Global
Advisors to Retire in 2022, Will Remain In Role Until Successor is
Appointed
State Street Corporation (NYSE:STT) today announced that Cyrus
Taraporevala, president and chief executive officer of State Street
Global Advisors, will retire in 2022. Taraporevala will remain in
his role through the completion of the search for his successor and
transition process to ensure a seamless succession which we
anticipate happening in the second half of this year.
Taraporevala joined State Street Global Advisors in 2016 and
held a variety of senior leadership roles including responsibility
for leading the global institutional client, product and marketing
teams. He was appointed president and chief executive officer of
State Street Global Advisors in late 2017.
Under his leadership, Global Advisors has delivered impressive
growth and the results have been an important component of State
Street’s overall performance. Over the course of Taraporevala’s
tenure, State Street’s investment management pre-tax earnings grew
by 67 percent and pre-tax margin expanded by 11 percentage points
from 21 percent1 in 2017 to 32 percent in 2021. In our financial
results announced today, State Street Global Advisors finished this
past year with assets under management of $4.1 trillion, up almost
50 percent from end-2017.
“In addition to the impressive financial results, Cyrus and his
team at Global Advisors have contributed significantly to State
Street’s overall mission to create better outcomes for the world’s
investors and the people they serve. State Street Global Advisors
has significantly strengthened its strategic position, leading to
strong client and financial impact. Cyrus has also been a strong
voice on environmental, social and governance (ESG) issues and
stewardship and has advanced Global Advisors’ ESG leadership,” said
Ron O’Hanley, chairman and chief executive officer of State Street
Corporation. “Having Cyrus continue to lead State Street Global
Advisors and transition responsibilities to a successor will help
ensure we build on its strong momentum.”
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 $43.7 trillion in assets
under custody and/or administration and $4.1 trillion* in assets
under management as of December 31, 2021, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2021 includes
approximately $61 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2022 State Street Corporation - All Rights Reserved
One Lincoln Street, Boston, MA 02111-2900
The whole or any part of this work may not be reproduced, copied
or transmitted or any of its contents disclosed to third parties
without State Street’s express written consent.
4205011.1.1.GBL.RTL
1 2017 pre-tax margin includes the estimated pro forma impact of
applying the ASC 606 Revenue Recognition accounting standard that
was adopted prospectively on January 1, 2018. Reported pre-tax
margin under the accounting standards in effect for the year ended
December 31, 2017 was 24%.
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Media Contacts: Ed Patterson epatterson@statestreet.com
+1 404 213 3106 Olivia Offner ooffner@statestreet.com + 617 662
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