State Street CEO to Retire Next Year -- Update

State Street Corp. said Joseph Hooley will retire as chairman and chief executive at the end of next year.

The custody bank said in a regulatory filing that it appointed Ron O'Hanley, who runs the firm's asset-management arm, as president and chief operating officer. Mr. O'Hanley will succeed Mr. Hooley as CEO following his retirement, State Street said.

The Boston-based firm also said Michael Rogers, its current president, will retire at the end of 2017.

Mr. O'Hanley, 60 years old, joined State Street in 2015 from Fidelity Investments, where he served as president of asset management and corporate services. He previously ran Bank of New York Mellon Corp.'s money-management division.

Mr. Hooley, 60, joined State Street in 1986. He was named president of the bank in 2008 and chief executive two years later.

State Street picked another Fidelity alumnus, Cyrus Taraporevala to succeed Mr. O'Hanley as president and chief executive of State Street Global Advisors, the bank's $2.7 trillion asset manager.

Write to Justin Baer at

(END) Dow Jones Newswires

November 07, 2017 09:42 ET (14:42 GMT)