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
BOSTON--(BUSINESS WIRE)-- 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 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 $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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Source: State Street Corporation