State Street has expanded its team with the appointment of Brian Franz as chief information officer (CIO).
Franz, who will officially take on his new role in January 2020, will be reporting to the firm's chief operating officer Lou Maiuri and will also become a member of State Street's management committee.
Franz joins State Street from Diageo, a publicly traded multinational company, where he most recently served as chief productivity officer leading information technology, enterprise operations and business service functions across the company. Franz started working in Diageo in 2008 as global chief information officer having served as CIO for PepsiCo International and in a number of technology leadership roles at global companies including GE (and GE Capital) and AT&T.
Franz has deep experience in the deployment of artificial intelligence, machine learning and robotics to drive efficiency and effectiveness as well as to enable business growth and client satisfaction. During his tenure at Diageo he led initiatives that delivered more than £700 million in savings and advanced business growth, including implementing cloud powered, globally scaled and standardized solutions. Franz also has extensive cyber and resiliency experience.
Lou Maiuri, said: "Franz brings to State Street a unique combination of experience, knowledge and deep technology and operations prowess. He adds to this a strong focus on productivity and continuous improvement, at the core of which is a better client and employee experience. The CIO of the future needs to be as much a business leader as a technology visionary, and we benefit from both with Brian.
"His experience across both consumer and business-oriented brands, particularly harnessing the power of data and analytics to drive better client outcomes will also greatly support the continued advancement of our State Street AlphaSM platform strategy."
State Street 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 $32.90trn in assets under custody and administration and $2.95 trn in assets under management as of the end of September 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide.