Effective March 1, 2010, Ronald E. Logue to Retire; 23-Year State
Street Veteran Jay Hooley To be Named CEO
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT), one of the world's leading
providers of financial services to institutional investors, today
announced its leadership succession plan. Chairman and CEO, Ronald E.
Logue, age 64, will retire from State Street on March 1, 2010, after
almost two decades with the company and then continue to serve as
non-executive chairman of State Street's board of directors for a
transition period until January 1, 2011. Upon Logue's retirement on
March 1, 2010, current State Street president and chief operating
officer, Jay Hooley, age 52, will be promoted to CEO. State Street also
announced today that Hooley has been elected to its board of directors,
effective immediately.
"One of the hallmarks of State Street is a strong management team," said
Gregory L. Summe, lead director for State Street's board of directors
and chairman of the board's Nominating and Governance committee.
"Today's announcement results from the Board's extensive succession
planning process and ensures continued strong leadership for State
Street. Ron Logue has done an outstanding job as State Street's Chairman
and CEO, leading the company through significant global expansion and
most recently, through a period of unprecedented market turmoil. Jay
Hooley is a proven leader, with more than two decades of experience at
State Street, who is ideally suited to assume the role of CEO and guide
State Street's growth in the years to come."
Since joining State Street in 1986, Hooley has held a number of
leadership positions with the company. After heading the company's US
Mutual Fund sales organization, Hooley joined State Street's shareholder
servicing joint venture with Kansas City-based DST systems. From 1988 to
1990, he served as president and chief executive officer of National
Financial Data Services and went on to become president and chief
executive officer of Boston Financial Data Services from 1990 to 2000.
During this time, he was responsible for the creation of International
Financial Data Services, extending the joint venture's shareholder
servicing offering to Europe and Canada. He returned to State Street in
2000 to manage its global investment servicing business. Hooley, a
member of State Street's Operating Group, the company's most senior
strategy and policy-making team, was named vice chairman in 2006 and
president and chief operating officer in 2008. In this capacity he is
responsible for State Street's asset servicing activities worldwide
including investment servicing, investment research and trading, and
global operations and technology.
"My primary goals when I assumed the role of CEO in 2004 were to drive
State Street's global expansion and ensure its position as a market
leader across our core businesses," said Logue. "Despite significant
headwinds over the past 18 months, we have emerged over the course of
the last five years as a stronger, more global organization. This
performance is a testament to our more than 27,000 talented employees
around the world whom I have been privileged to lead."
During Logue's tenure as CEO State Street's operating revenues from 2004
through 2008 have grown by a five-year compound annual growth rate
(CAGR) of 18.9%. Reflecting the company's global expansion, during the
same period State Street's non-US revenues have grown to 35% of total
revenue. Building on the successful 2003 acquisition of Deutsche Bank's
global securities services businesses, during 2007 Logue orchestrated
the largest acquisition in State Street's history of Investors Bank and
Trust Company, solidifying the company's market leadership in mutual
fund, pension fund and alternative asset servicing.
"I am ready and enthusiastic to lead State Street," said Jay Hooley.
"State Street continues to be well positioned relative to attractive
long-term growth trends in the global financial markets. We have an
excellent management team, a strong capital position, extensive customer
relationships and a culture of customer focus and innovation, all of
which will continue to serve us well and drive State Street's growth
into the future."
About State Street
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 $17.9 trillion in assets under custody and administration
and $1.7 trillion in assets under management at September 30, 2009,
State Street operates in 27 countries and more than 100 geographic
markets worldwide. For more information, visit State Street's web site
at www.statestreet.com.
Forward Looking Statements
This news announcement contains forward-looking statements as defined by
United States securities laws, including statements about our goals and
expectations regarding our business, financial condition, results of
operations and strategies, the financial and market outlook and the
business environment. 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 the date of this release. Important
factors that could cause actual results to differ materially from those
indicated by any forward-looking statements are set forth in our 2008
Annual Report on Form 10-K, our Current Report on Form 8-K dated May 18,
2009 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 press release speak only as of the date hereof, October 22,
2009, and we do not undertake efforts to revise those forward-looking
statements to reflect events after this date.
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Source: State Street Corporation
Contact: State Street Corporation
Media Contacts:
Hannah Grove, 617-664-3377
or
Carolyn Cichon, 617-664-8672
or
Investors and Analysts:
Kelley MacDonald, 617-664-2888