Stan Shelton, head of the global markets division at State Street, has retired. His departure has occurred earlier than expected, and the reasons for it were not officially annouinced, but it is understood that Shelton is interested in pursuing other interests, probably in academia.
Shelton reported to Jay Hooley, who was elevated recently by CEO Ron Logue to president and COO, and is now seen as the likeliest successor to Logue.
Hooley is assuming leadership of the global markets business, which expanded significantly in terms of both revenue and asset class coverage under Shelton, while an internal and external search is conducted for a successor to Shelton.
“Stan Shelton has retired, and we wish him the very best. He will be missed, but we have a great management team, and the business will be continued successfully without him,” says a spokeswoman for the bank.