8-KLeadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Nov 7, 2017)

Filed November 7, 2017For Securities:STTSTT-PG

Summary

State Street Corporation (STT) announced significant leadership changes via an 8-K filing on November 7, 2017. The key development is the planned retirement of CEO Joseph L. Hooley by the end of 2018. Mr. Hooley will transition to Chairman of the Board, a role he will hold through 2019, ensuring continuity during the leadership transition. Ronald P. O’Hanley, currently Vice Chairman and previously CEO of State Street Global Advisors, has been appointed President and COO, effective immediately. He is slated to succeed Mr. Hooley as CEO upon his retirement. This succession plan points to an internal promotion for the top leadership role, leveraging O'Hanley's experience within the company and his prior executive roles at Fidelity Investments and Bank of New York Mellon.

Key Highlights

  • 1Joseph L. Hooley to retire as CEO by end of 2018, remaining as Director and Chairman of the Board through 2019.
  • 2Ronald P. O’Hanley appointed President and Chief Operating Officer, effective November 6, 2017.
  • 3Ronald P. O’Hanley is designated to succeed Joseph L. Hooley as CEO upon Hooley's retirement.
  • 4Michael F. Rogers, current President and COO, will retire at the end of 2017.
  • 5Ronald P. O’Hanley brings extensive experience from roles at State Street Global Advisors, Fidelity Investments, and Bank of New York Mellon.
  • 6The filing includes standard forward-looking statements and a disclaimer regarding potential variances in future performance.

Frequently Asked Questions

Ronald P. O’Hanley has been appointed President and Chief Operating Officer and is slated to succeed Joseph L. Hooley as CEO upon Mr. Hooley's retirement by the end of 2018. Mr. O'Hanley joined State Street in April 2015 and was appointed Vice Chairman in January 2017.

Joseph L. Hooley will retire as CEO by the end of 2018. He will remain on the Board of Directors and serve as Chairman of the Board throughout 2019, providing continuity and guidance during the leadership transition.

Ronald P. O’Hanley has a strong background in financial services. He joined State Street in April 2015 as CEO of State Street Global Advisors, was appointed Vice Chairman in January 2017, and previously held senior executive positions at Fidelity Investments and Bank of New York Mellon, including CEO of BNY Mellon Asset Management.

This filing primarily announces leadership changes. It includes standard forward-looking statements that caution investors about potential uncertainties and risks that could cause actual results to differ materially from expectations. Investors are encouraged to review State Street's 2016 10-K and subsequent SEC filings for detailed risk factors.