8-KLeadership Changes

STATE STREET CORP 8-K Report, Executive Changes (May 5, 2008)

Filed May 5, 2008For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K on May 5, 2008, reporting significant executive leadership changes, primarily focused on the succession of key operational roles. Effective April 30, 2008, the Board of Directors appointed Joseph L. Hooley as President and Chief Operating Officer. This move means that Ronald E. Logue, the current Chairman and CEO, will relinquish the President and COO titles. Further changes were announced for the asset management arm, State Street Global Advisors (SSgA). Scott Powers has been appointed President and Chief Executive Officer of SSgA, effective May 1, 2008. This appointment follows James S. Phalen's tenure as Interim President and CEO of SSgA, and he will now return to his previous role leading international operations for State Street's investment servicing and related businesses. These adjustments indicate a clear focus on operational leadership and strategic succession planning within the corporation.

Key Highlights

  • 1Joseph L. Hooley appointed President and Chief Operating Officer (effective April 30, 2008).
  • 2Ronald E. Logue relinquishes President and Chief Operating Officer titles, remaining Chairman and CEO.
  • 3Scott Powers appointed President and Chief Executive Officer of State Street Global Advisors (SSgA) (effective May 1, 2008).
  • 4James S. Phalen returns to heading international operations for Investment Servicing and Investment Research & Trading businesses after serving as SSgA Interim CEO.
  • 5Joseph L. Hooley has a long tenure with State Street, joining in 1986 and holding significant leadership roles in investment servicing and asset servicing.
  • 6The changes reflect a strategic succession and operational leadership realignment within State Street and its subsidiary SSgA.

Frequently Asked Questions

Joseph L. Hooley has been appointed as the new President and Chief Operating Officer of State Street Corporation, effective April 30, 2008.

Ronald E. Logue, who was previously Chairman, CEO, President, and COO, will now serve solely as Chairman and Chief Executive Officer. He has relinquished the titles of President and Chief Operating Officer.

Scott Powers has been appointed as the new President and Chief Executive Officer of State Street Global Advisors (SSgA), effective May 1, 2008.

James S. Phalen, who served as Interim President and Chief Executive Officer of SSgA, will return to his prior position as the head of international operations for State Street’s investment servicing and investment research and trading businesses.