HOOLEY RETIREMENT TRIGGERS CHANGES ATOP STATE STREET
By Michael P. Norton
STATE HOUSE NEWS SERVICE
STATE HOUSE, BOSTON, NOV. 7, 2017.....The winds of change are blowing through State Street Corporation, one of the state's biggest employers.
The company announced Tuesday that Jay Hooley will retire as CEO by the end of 2018 after more than 30 years with the company, but he will remain as chairman through 2019. Ron O'Hanley, previously vice chairman of State Street and president and CEO of State Street Global Advisors, was named president and chief operating officer and will succeed Hooley as CEO.
"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 in a statement. "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."
O'Hanley previously worked as president of Asset Management & Corporate Services for Fidelity Investments and spent 13 years in leadership positions at Mellon Bank and Bank of New York Mellon. He began his career at McKinsey & Company Inc. where he served as a partner.
"I am excited to lead State Street at a time of profound change across the industry and for our clients," O'Hanley said. "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."
Cyrus Taraporevala succeeds O'Hanley as president and CEO of State Street Global Advisors, the company said. He previously worked at Fidelity Investments.
State Street president and COO Mike Rogers plans to retire at the end of 2017. Andrew Erickson, head of State Street's global services business for the Americas, will lead a newly-formed global services business worldwide. Jeff Conway will assume a new role leading State Street's operations, infrastructure and business transformation globally. Liz Nolan, currently co-head of global services for EMEA, will succeed Conway as Europe, Middle East and Africa CEO.
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