Ronald E. Logue, chairman and CEO of State Street Corp., will retire March 1, 2010, the company announced Oct. 22.
Jay Hooley, president and COO at State Street, will succeed Mr. Logue, according to a leadership succession plan announced by the company. Mr. Hooley will retain his president and COO titles.
Mr. Logue will serve as non-executive chairman of State Street's board of directors from his retirement date through Jan. 1, 2011.
Mr. Hooley joined State Street in 1986 and became president and COO in 2008.
In the company's announcement, Gregory L. Summe, lead director for State Street's board of directors and chairman of the board's nominating and governance committee, praised Mr. Logue for leading the company's expansion through a period of “unprecedented market turmoil.”
In the aftermath of that market turmoil, a number of clients of SSgA, the company's asset management unit, have sued State Street and its affiliates, alleging the group didn't live up to its fiduciary responsibilities. State Street has consistently said it will defend itself against such claims.
On Oct. 20, California sued State Street Corp. as master custodian of the $201.1 billion California Public Employees' Retirement System and the $126.9 billion California State Teachers' Retirement System, alleging the company had overcharged in areas such as foreign exchange trading. State Street “categorically denied” any wrongdoing.
A State Street spokeswoman said the announcement of the succession plan was absolutely unconnected to the California news.
Efforts to reach Messrs. Logue and Hooley were unsuccessful.