CUSTODY

State Street CEO to retire, sparking global leadership reshuffle

Jay Hooley will retire at the end of 2018, culminating his 30 year career at the Boston-based global custodian.

By Joe Parsons joe.parsons@strategic-i.com November 07, 2017 3:27 PM GMT

State Street’s long-serving chief executive, Jay Hooley, will retire by the end of 2018, and has prompted a leadership reshuffle for State Street’s global business.

He will be succeeded by Ron O’Hanley, previously vice chairman of State Street and president and CEO of State Street Global Advisors. Until Hooley retires next year, O’Hanley will take up the role as president and COO.

Hooley, a 30-year veteran for the Boston-based bank, has become a pioneer in the securities services space and has spearheaded the custodian’s digitisation programme. Since 2010 when Hooley became CEO, he has taken State Street ever closer to overtaking BNY Mellon as the world’s largest global custodian.

“Our most significant differentiator at State Street will always be our people, and my greatest source of pride over the past eight years has been to lead this talented 36,000-strong team,” said Hooley.

“I am very confident that Ron has the right qualities, expertise and vision to lead the next phase of State Street’s growth. Ron brings tremendous passion and energy to the role, as well as a unique perspective having been a State Street client.

In addition Mike Rogers, who O’Hanley is succeeding as president and COO, will retire at the end of this year. 

As part of the transition, Andrew Erickson, currently head of State Street global services business for the Americas, will lead a newly-formed Global Services business worldwide. Jeff Conway, CEO for State Street Europe, will assume a new role of leading operations, infrastructure and business transformation globally.

Conway will be replaced by Liz Nolan, currently co-head of global services for EMEA, and report to O’Hanley. Nolan joined State Street in 2015 from Deutsche Bank where she was previously head of custody and clearing.