State Street, Boston headquartered banking and financial service provider made an announcement on New Year’s eve revealing the appointment of new Chairman for its Board of Directors.
As per the statement released by the bank, its directors have agreed to choose Mr. Ronald O’ Hanley – its chief executive officer as the new Chairman of the board effective since 01.01.2020. Mr. Hanley succeeds Mr. Jay Hooley who has announced his retirement from the role of Chairman and as a member of the board ending his decade long term which started in 2009. The statement also revealed that Mr. Amelia Fawcett will continue to serve in her role as an independent lead director for state street corp. Ronald is a veteran with twenty-seven years of experience in the investment banking and financial services industry.
Ronald is an expert in asset management and corporate services given his experience in senior-level leadership roles across tier1 industry-leading firms. Prior to his current roles as Chief Executive and President of State Street, Ronald has served as a President of Asset Management at Fidelity Investments and served under the firm for four years.
Some of his other notable roles include – Vice Chairman, President and CEO of Asset Management at BNY Mellon and Partner at McKinsey & Company. Mr. Hanley spent a major part of his career serving in BNY Mellon having remained with the firm for thirteen years. Ron was originally a VC at Mellon Fin Corp and become a part of BNY Mellon post the merger between Bank of New York and Mellon Fin Corp in 2007.
Commenting on Ron’s appointment as Chairman of the board, Greg Summe, chair of State Street’s Nominating and Corporate Governance Committee, said “The board considered carefully the issue of governance. The board has a Lead Director role similar to an independent Chairman, overseeing board and committee agendas, attending all committee meetings and working closely with the CEO. Based on its experience, the board determined to continue with its current Lead Director/Chairman structure.”
Speaking on the same note, Ms. Amelia Fawcett added, “ We are pleased to name Ron as Chairman. Ron’s appointment represents the culmination of the leadership transition implemented by the board over the past several years. Since becoming CEO in January, Ron has brought tremendous energy and results-oriented management focused on creating shareholder value. On behalf of the Board of Directors, I want to thank Jay for his long and distinguished career at State Street and for guiding a successful leadership transition”.
Source:
