SSGA CEO Scott Powers to Retire

Scott Powers, president and chief executive of State Street Global Advisers (SSGA), will retire at the end of the year after leading the unit for more than seven years.

He will be replaced by Ronald O’Hanley at the beginning of April, in which he and Powers will jointly run the company to ensure a smooth transition.

O’Hanley was previously president of Asset Management & Corporate Services at Fidelity Investments. He was also president and CEO of BNY Mellon Asset Management for 13 years, in which he oversaw all of BNY Mellon’s activities in Asia.

“Scott has been a highly effective leader for our asset management franchise and I thank him for everything he has done to strengthen SSGA’s leadership position, talent and culture,” says Jay Hooley, chairman and chief executive, State Street.

“Ron has a passion for the industry and the issues and challenges faced by our clients, including retirement security. I have no doubt that his experience and capabilities will add measurably to State Street broadly and to our clients.”