State Street Corporation (State Street) has announced that Jay Hooley will retire as CEO by the end of 2018 after having worked over 30 years at the company.
Hooley, who became State Street’s CEO in 2010, will remain chairman at the company throughout 2019 and will be succeeded by Ron O’Hanley.
Ron O’Hanley – who previously was State Street’s vice chairman as well as president and CEO of the company’s global advisory arm – is also taking the posts of president and Chief Operating Officer (COO) at State Street, both formerly held by Mike Rogers, who is to retire at the end of 2017 after ten years at the company.
With over 30 years’ financial experience, O’ Hanley joined State Street in 2015 from Fidelity Investments, where he worked as president of asset management and corporate services. Prior to that, he held various leadership positions at Mellon Bank and Bank of New York Mellon for 13 years.
O’Hanley started his career at McKinsey & Company, where he served as a partner and head of its investment management practice worldwide.
Industry veteran Cyrus Taraporevala will be succeeding O’Hanley as president and CEO of State Street Global Advisors (SSGA). Taraporevala, who joined SSGA in 2016 from Fidelity Investments, will report to Hooley.
In line with this company’s reshufflement, Andrew Erickson – who currently heads the State Street’s Global Services business for the Americas – will lead a newly-formed Global Services business worldwide. Jeff Conway, CEO of State Street in EMEA, will assume a new role leading State Street’s operations, infrastructure and business transformation globally, and will be succeeded by Liz Nolan, who is currently the co-head of Global Services for EMEA.
State Street’s CEO Jay Hooley said: “I am very confident that O’Hanley has the right qualities, expertise and vision to lead the next phase of State Street’s growth. He 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.”
SSGA’s former CEO Ron O’Hanley commented: “I am excited to lead State Street at a time of profound change across the industry and for our clients. 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.”