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Money Management

SSGA names new CEO; Ronald O’Hanley to succeed Jay Hooley as CEO of parent company

Cyrus Taraporevala
Cyrus Taraporevala

Cyrus Taraporevala was named president and CEO of State Street Global Advisors, confirmed spokesman Brendan Paul.

He will replace Ronald P. O'Hanley, who will succeed Jay Hooley as CEO of State Street. Mr. Taraporevala was previously head of the global institutional group at SSGA.

Mr. Hooley will retire as CEO of State Street by the end of 2018. Mr. Hooley will remain as chairman throughout 2019. Also as part of the moves announced Tuesday, Mr. O'Hanley was appointed president and chief operating officer of State Street.

Mr. Taraporevala will report to Mr. Hooley and join State Street's management committee. Mike Rogers, who Mr. O'Hanley is succeeding as president and COO of State Street, will retire at the end of 2017.

As part of this transition, Andrew Erickson, currently head of State Street's global services business for the Americas, will lead a newly formed global services business. Jeff Conway, currently CEO of State Street in Europe, the Middle East and Africa, will take on a new role leading State Street's operations, infrastructure and business transformation globally.

Liz Nolan, co-head of global services for EMEA, will succeed Mr. Conway as EMEA CEO and report to Mr. O'Hanley. She will also join State Street's management committee.

SSGA had $2.7 trillion in assets under management as of Sept. 30.