State Street CEO Logue To Retire In March

BOSTON (AP) — State Street Corp. said Thursday that Chairman and CEO Ronald Logue will retire in March under a succession plan that will promote President and Chief Operating Officer Jay Hooley to the bank's CEO post.

Logue, 64, will serve as non-executive chairman of Street Street's board during a transition period ending Jan. 1, 2011. Hooley, 52, has been elected to the board effective immediately.

Logue has been with State Street for nearly two decades, and Hooley even longer — he started at the Boston-based financial services company in 1986.

Gregory Summe, State Street's lead director and chairman of the board's nominating and governance committee, said the leadership announcement "results from the board's extensive succession planning process and ensures continued strong leaderhsip for State Street."

Summe said Logue "has done an outstanding job" leading State Street, while Hooley is "ideally suited to assume the role of CEO."

The company made the announcement after its shares rose 80 cents, or nearly 2 percent, to close at $46.68, and added 6 cents in aftermarket trading.