State Street has announced that its president and chief operating officer, Jay Hooley, has been promoted to chief executive following the resignation of chairman and current chief, Ronald Logue.
As part of State Street’s leadership succession plan, Logue will retire in March next year after nearly 20 years with the company. However, he will continue to serve as a non-executive chairman on the board for a transition period until January 2011.
Hooley, who has more than two decades of experience at State Street, has also been elected to its board of directors.
The announcement “results from the Board’s extensive succession planning process and ensures continued strong leadership,” said State Street lead director and chairman of the board’s nominating and governance committee, Gregory Summe.
Hooley added, “we have an excellent management team, a strong capital position, extensive customer relationships and a culture of customer focus and innovation.”
