Custodial bank and asset manager State Street Corp. (STT) on Thursday, announcing a leadership succession plan, said its Chairman and Chief Executive officer Ronald Logue would retire, effective March 1, 2010. Logue would be succeeded by current President and Chief Operation Officer Jay Hooley, who has been elected to the board of directors, effective immediately. However, Logue would then continue to serve as non-executive chairman for a transition period until January 1, 2011.
In a statement, lead director, Gregory Summe said, "One of the hallmarks of State Street is a strong management team. 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," Summe added.
Hooley, who joined State Street in 1986, has held several diverse leadership positions with increasing responsibility prior to being named vice chairman in 2006 and president and chief operating officer in 2008. At his current position as president and chief operating officer, Hooley is responsible for all of State Street's asset servicing and trading activities worldwide, including investment servicing, investment research and trading, and global operations and technology. Hooley also oversees corporate technology and securities operations.
In 2003, Hooley he played a lead role in State Street's successful acquisition and integration of Deutsche Bank's Global Securities Services business, and more recently the acquisition and integration of Investors Bank and Trust.
Hooley also served as president and chief executive officer of National Financial Data Services from 1988 to 1990, and went on to become president and chief executive officer of Boston Financial Data Services from 1990 to 2000. Earlier, he led the US Mutual Fund sales organization.
Meanwhile, Logue, a 23-year veteran of State Street, held a number of leadership positions at State Street, prior to being appointed chairman and chief executive officer in 2004. Logue, who joined the company in 1990 as senior vice president and head of investment servicing for US mutual funds, was named chief operating officer in 2000 and president in 2001.
As president and chief operating officer, Logue was responsible for overseeing State Street's investment servicing, securities finance, and investment research and trading activities, as well as information technology. Logue also played a lead role in State Street's successful acquisition and integration of Deutsche Bank's Global Securities Services business, and the acquisition and integration of Investors Bank and Trust in 2003.
STT closed Thursday's regular trading session at $46.68, up $0.80 or 1.74% on a volume of 10.91 million shares, higher than the three-month average volume of 5.10 million shares.
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