State Street CEO Jay Hooley Will Retire Next Year

The influential finance head will be replaced by COO Ron O'Hanley in 2018.

Photo via State Street

State Street head Joseph “Jay” Hooley, who leads one of the world’s biggest names in finance, has announced that he will retire as CEO of the Boston-headquartered firm in 2018. He will be replaced by Ron O’Hanley, State Street’s president and chief operating officer, and will stay on as chairman through 2019, State Street announced on Tuesday.

“Our most significant differentiator at State Street will always be our people, and my greatest source of pride over the past eight years has been to lead this talented 36,000-strong team,” Hooley said in a prepared statement.

Hooley, 60, has been with State Street since 1986.

O’Hanley, who joined State Street in 2015, will be taking over as president and chief operating officer for Mike Rogers, who is retiring at the end of this year. “I am excited to lead State Street at a time of profound change across the industry and for our clients,” O’Hanley said, also in a statement. “I believe that we have the right strategy in place to enable our clients’ success, and growth for our shareholders.”

He is the former vice chairman and the CEO of State Street Global Advisors and was previously a top executive at Boston-headquartered Fidelity Investments.

Hooley praised his successor in a statement.

“I am very confident that Ron has the right qualities, expertise and vision to lead the next phase of State Street’s growth,” Hooley said. “Ron brings tremendous passion and energy to the role, as well as a unique perspective having been a State Street client. I know that his perspectives and background will serve us very well.”