STATE STREET CORPORATION State Street Corporation announced that Louis D. Maiuri, president, chief operating officer and head of Investment Services, will retire from State Street by early 2024. Effective January 1, 2024, Ron O?Hanley, chairman and chief executive officer will assume the office of the president (in addition to his current roles as chairman and chief executive officer) and responsibility for Investment Services, State Street?s largest business. Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, will become State Street?s chief operating officer.
Since 2020, Tahiri has transformed its franchise in the Asia-Pacific region to achieve sustainable growth. In April 2023, he added responsibilities as head of Middle East and North Africa. Tahiri has more than 25 years of experience in the asset management and investment services business.
Investment Services client facing activities will be further consolidated under Joerg Ambrosius, executive vice president and chief commercial officer. In line with his role as chair of State Street International Holdings, Ambrosius will also assume full responsibility for its international organization to provide seamless delivery to its clients across the globe. Tahiri, Ambrosius, Donna Milrod, executive vice president and chief product officer, and John Plansky, executive vice president and head of State Street Alpha®, will report directly to O?Hanley.
These organizational model changes will position State Street?s Investment Services business for long-term success, as it executes on its strategy, accelerates revenue growth, and continues to deliver for clients and shareholders. The realignment further strengthens its executional capabilities, streamlines decision making and provides clients with more efficient delivery of products, services and solutions. On October 26, 2023, Louis D. Maiuri informed State Street Corporation (State Street) of his intention to step down from his roles as State Street's president, chief operating officer and head of Investment Services at the end of 2023.
Mr. Maiuri will retire from State Street in early 2024. Provided that Mr. Maiuri remains an employee on December 31, 2023, State Street will deem the notice period under his outstanding deferred compensation awards to be satisfied.
