State Street CEO to retire

Ron O’Hanley will succeed Jay Hooley as chief executive of State Street Corporation by the end of next year.

State Street announced today that Hooley would retire as CEO by the end of 2018 after more than 30 years with the company and wold remain as chairman throughout 2019.

It said that the company’s board of directors had appointed previous vice-chairman of State Street and president and CEO of State Street Global Advisors to be president and chief operating officer, before succeeding Hooley as CEO.

The announcement said that under Hooley’s leadership, State Street had expanded globally and established itself as a leader in digitisation, positioning the company to succeed in the 21st century economy.

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“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,” Hooley said.

“I am very confident that Ron has the right qualities, expertise and vision to lead the next phase of State Street’s growth.”

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.

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.