Wednesday, April 30, 2008
State Street Corp. Names COO
News summary by MFWire's editors
, vice chairman and head of State Street’s global investment servicing, trading and research businesses, is getting a promotion. Hooley has been appointed as president and chief operating officer of State Street Corporation. He will retain all his current duties when he assumes the new position. State Street has been without a COO since the person formerly in the position, Ron Logue
, was named chairman and CEO in 2004.
Company Press Release
BOSTON - (Business Wire) State Street Corporation (NYSE: STT), the world’s leading provider of financial services to institutional investors, today announced that its board of directors has appointed Jay Hooley, vice chairman and head of State Street’s global investment servicing, trading and research businesses, to president and chief operating officer. He will continue to report directly to Ronald E. Logue, chairman and CEO of State Street.
Hooley, age 51, is responsible for all of State Street’s asset servicing activities worldwide including investment servicing, investment research and trading and securities finance. Under his leadership, State Street has consistently achieved high growth, expanded its global presence and enhanced its capabilities and services for its customers. Today the company is a leading provider of investment servicing to institutional investors including alternative investment, mutual and offshore fund servicing, multi-asset class trading, securities finance and transition management.
“Jay is a proven leader with a strong knowledge of our industry and the trends shaping its future,” said Logue. “He has made a significant impact to our past success and I have no doubt as president of State Street he will have an equally profound impact on our future. His vision and in-depth understanding of our businesses will ensure that anticipating and meeting our customers’ needs always remain at the forefront of what we do.”
Since joining State Street in 1986, Hooley has held a number of leadership positions with the company. After leading 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 oversaw the dramatic growth of the core domestic services business and 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 and assumed his current responsibilities in 2004. Hooley, a member of State Street’s Operating Group, the company’s most senior strategy and policy-making team, was named vice chairman of State Street in 2006.
“This is a time of tremendous opportunity within our industry although one that is coupled with heightened complexity and challenges for our customers,” said Hooley. “As president and COO I am committed to continuing to leverage the considerable advantages we have established in terms of global reach, scale and investment in technology and innovation to benefit all of our constituencies.”
Hooley is an active member of a number of community organizations. He is a director on the board of the Boys & Girls Clubs of Boston, a trustee of The Prince of Wales International Business Leaders Forum (IBLF) and a member of The Boston Club’s Corporate Advisory Board, which is focused on identifying and recommending qualified women candidates for openings on corporate boards.
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $15 trillion in assets under custody and $2 trillion in assets under management at March 31, 2008, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street’s web site at www.statestreet.com.
This news announcement contains forward-looking statements as defined by United States securities laws, including statements about State Street’s goals, opportunities and 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 State Street's expectations or beliefs as of any date subsequent to the date of this release. Important factors that may affect future results and outcomes include our ability to integrate and convert acquisitions into our business; interest rates, volatility, liquidity and other factors relevant to securities, currency and other markets; our ability to attract non-interest bearing deposits and other low-cost funds; the performance and demand for the products and services we offer; the competitive environment in which we operate; our ability to continue to grow revenue, control expenses and attract the capital necessary to achieve our business goals and comply with regulatory requirements; and the other financial, market, competitive, regulatory and business factors set forth in State Street's 2007 Annual Report on Form 10-K and its subsequent SEC filings. State Street encourages investors to read its 10-K, particularly the section on Risk Factors, and its subsequent SEC filings 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, April 30, 2008, and State Street will not undertake efforts to revise those forward-looking statements to reflect events after this date.
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