BOSTON - October 22, 2009 - State Street Corporation (NYSE:STT), one of the world's leading providers of financial services to institutional investors, today 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 Street's board of directors for a transition period until January 1, 2011. Upon Logue's 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," said Gregory L. Summe, lead director for State Street's board of directors and chairman of the board's Nominating and Governance committee. "Today's announcement results from the Board's extensive succession planning process and ensures continued strong leadership for State Street. Ron Logue has done an outstanding job as State Street's 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 Street's 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 company's US Mutual Fund sales organization, Hooley joined State Street's 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 venture's 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 Street's Operating Group, the company's 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 Street's asset servicing activities worldwide including investment servicing, investment research and trading, and global operations and technology.
"My primary goals when I assumed the role of CEO in 2004 were to drive State Street's global expansion and ensure its position as a market leader across our core businesses," said Logue. "Despite significant headwinds over the past 18 months, we have emerged over the course of the last five years as a stronger, more global organization. This performance is a testament to our more than 27,000 talented employees around the world whom I have been privileged to lead. "
During Logue's tenure as CEO State Street's operating revenues from 2004 through 2008 have grown by a five-year compound annual growth rate (CAGR) of 18.9%. Reflecting the company's global expansion, during the same period State Street's non-US revenues have grown to 35% of total revenue. Building on the successful 2003 acquisition of Deutsche Bank's global securities services businesses, during 2007 Logue orchestrated the largest acquisition in State Street's history of Investors Bank and Trust Company, solidifying the company's market leadership in mutual fund, pension fund and alternative asset servicing.
"I am ready and enthusiastic to lead State Street," said Jay Hooley. "State Street continues to be well positioned relative to attractive long-term growth trends in the global financial markets. We have an excellent management team, a strong capital position, extensive customer relationships and a culture of customer focus and innovation, all of which will continue to serve us well and drive State Street's growth into the future. "
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $17.9 trillion in assets under custody and administration and $1.7 trillion in assets under management at September 30, 2009, State Street operates in 27 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site at www.statestreet.com.
Forward Looking Statements
This news announcement contains forward-looking statements as defined by United States securities laws, including statements about our goals and expectations regarding our business, financial condition, results of operations and strategies, the financial and market outlook and the business environment. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to the date of this release. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2008 Annual Report on Form 10-K, our Current Report on Form 8-K dated May 18, 2009 and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on Risk Factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this press release speak only as of the date hereof, October 22, 2009, and we do not undertake efforts to revise those forward-looking statements to reflect events after this date.