State Street Corporation CEO Jay Hooley (pictured), is to retire by the end of 2018 after more than 30 years with the company. He will however 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 digitisation, 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,” says 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 organisation 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 says: “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,” says 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.