State Street Corp. announced the retirement last week of Chairman and CEO Ronald Logue. current President and CEO Jay Hooley,will succeed him, State Street said.
According to an Oct. 22 announcement, Logue, 64, will retire from State Street March 1, 2010, but will continue to serve as non-executive chairman for the firm¹s board of directors until Jan. 1, 2011.
"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," Logue said in the release. "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.²
From 2004-2008, Logue¹s operating revenues have grown by a five-year compound annual growth rate of 18.9%. In 2007, he also helped to obtain State Street¹s largest acquisition, the Investors Bank and Trust Co., worth nearly $4.2 billion, the release said.
As of Sept. 20, 2009, the Boston, Mass.-based firm has $1.7 trillion in assets under management, and more than $17.9 trillion in assets under custody and administration.
Hooley, 52, was named vice chairman in 2006 and president and chief operating officer in 2008. His current responsibilities entail worldwide investment services, investment research, global operations and technology.
Previously, in 1986, Hooley served as the head of its U.S. mutual fund sales organization. And in 2000, he managed the firm¹s global investment servicing business.
"I am ready and enthusiastic to lead State Street," Hooley said in the release. "State Street continues to be well positioned relative to attractive long-term growth trends in the global financial markets."
In the statement, Hooley highlighted the firm¹s management team, strong capital position, and extensive customer relationship as State Street¹s recipe for success for future growth.
Additionally, State Street elected Hooley to its board of directors, effective immediately. Lead Director for State Street¹s Board of Directors Gregory Summe said in the release that the announcement is a result of the board¹s "extensive succession planning" which will ensure "continued strong leadership."
"[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," Summe said. "[Jay] Hooley is a proven leader who is ideally suited to assume the role of CEO and guide State Street's growth in the years to come."