State Street Corporation (NYSE: STT) today announced that its board of directors has appointed Ronald P. (Ron) O’Hanley, State Street’s chief executive officer, as chairman, effective January 1, 2020, following Jay Hooley’s planned retirement. Mr. Hooley has served on the Board of Directors since 2009 and as Chairman of the Board since 2011. Amelia Fawcett will continue in her role as State Street’s independent lead director.
“We are pleased to name Ron as chairman,” said Amelia Fawcett. “Ron’s appointment represents the culmination of the leadership transition implemented by the board over the past several years. Since becoming CEO in January, Ron has brought tremendous energy and results-oriented management focused on creating shareholder value. On behalf of the Board of Directors, I want to thank Jay for his long and distinguished career at State Street and for guiding a successful leadership transition.”
Greg Summe, chair of State Street’s Nominating and Corporate Governance Committee, added “The board considered carefully the issue of governance. The board has a Lead Director role similar to an independent Chairman, overseeing board and committee agendas, attending all committee meetings and working closely with the CEO. Based on its experience, the board determined to continue with its current Lead Director/Chairman structure.”
Ron joined State Street in 2015 as president and chief executive officer of State Street Global Advisors, the Company’s investment management arm. He also served as State Street’s president and chief operating officer, beginning in 2017, prior to his appointment as chief executive officer.
About State Street Corporation
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 $32.90 trillion in assets under custody and administration and $2.95 trillion* in assets under management as of September 30, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $44 billion as of September 30, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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