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State Street Comes Up With Succession Plan For CEO

To ensure a continued strong leadership for the firm

State Street, the global provider of financial services to institutional investors, has announced its leadership succession plan. Current State Street president and chief operating officer, Jay Hooley, will be promoted to CEO following the retirement of Ronald Logue, chairman and CEO. Mr Logue is going to retire on March 1, 2010, after almost two decades with the company and then continue to serve as non-executive chairman of board of directors for a transition period until January 1, 2011. Mr Hooley has also been elected to its board of directors and it is effective immediately.

Mr Hooley joined the firm in 1986 since then he has held a number of leadership positions in the company, that include president and chief executive officer of National Financial Data Services, Boston Financial Data Services. He was named vice chairman of State Street in 2006 and president and chief operating officer in 2008.

Mr Logue said: “My primary goals when I assumed the role of CEO in 2004 were to drive State Street’s global expansion and ensure its position as a market leader across our core businesses. Despite significant headwinds over the past 18 months, we have emerged over the course of the last five years as a stronger, more global organization. This performance is a testament to our more than 27,000 talented employees around the world whom I have been privileged to lead.

Mr. Hooley said: “I am ready and enthusiastic to lead State Street. State Street continues to be well positioned relative to attractive long-term growth trends in the global financial markets. We have an excellent management team, a strong capital position, extensive customer relationships and a culture of customer focus and innovation, all of which will continue to serve us well and drive State Street’s growth into the future.”