State Street Corporation, provider of financial services to institutional investors, announced its leadership succession plan. Chairman and CEO, Ronald E. Logue, age 64, will retire from State Street on March 1, 2010, after almost two decades with the company and then continue to serve as non-executive chairman of State Streets board of directors for a transition period until January 1, 2011. Upon Logues retirement on March 1, 2010, current State Street president and chief operating officer, Jay Hooley, age 52, will be promoted to CEO. State Street also announced today that Hooley has been elected to its board of directors, effective immediately.
One of the hallmarks of State Street is a strong management team, says Gregory L. Summe, lead director for State Streets board of directors and chairman of the boards Nominating and Governance committee. Todays announcement results from the Boards extensive succession planning process and ensures continued strong leadership for State Street. Ron Logue has done an outstanding job as State Streets Chairman and CEO, leading the company through significant global expansion and most recently, through a period of unprecedented market turmoil. Jay Hooley is a proven leader, with more than two decades of experience at State Street, who is ideally suited to assume the role of CEO and guide State Streets growth in the years to come.
Since joining State Street in 1986, Hooley has held a number of leadership positions with the company. After heading the companys US Mutual Fund sales organization, Hooley joined State Streets shareholder servicing joint venture with Kansas City-based DST systems. From 1988 to 1990, he served as president and chief executive officer of National Financial Data Services and went on to become president and chief executive officer of Boston Financial Data Services from 1990 to 2000. During this time, he was responsible for the creation of International Financial Data Services, extending the joint ventures shareholder servicing offering to Europe and Canada. He returned to State Street in 2000 to manage its global investment servicing business. Hooley, a member of State Streets Operating Group, the companys most senior strategy and policy-making team, was named vice chairman in 2006 and president and chief operating officer in 2008. In this capacity he is responsible for State Streets asset servicing activities worldwide including investment servicing, investment research and trading, and global operations and technology.
During Logues tenure as CEO State Streets operating revenues from 2004 through 2008 have grown by a five-year compound annual growth rate (CAGR) of 18.9%. Reflecting the companys global expansion, during the same period State Streets non-US revenues have grown to 35% of total revenue. Building on the successful 2003 acquisition of Deutsche Banks global securities services businesses, during 2007 Logue orchestrated the largest acquisition in State Streets history of Investors Bank and Trust Company, solidifying the companys market leadership in mutual fund, pension fund and alternative asset servicing.
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