State Street CEO Jay Hooley prepares for his departure

  • Push-out Score suggests push-out forces
  • Accolades for Hooley
  • Ron O’Hanley taking over
  • Hooley will remain as chairman at State Street
  • Hooley spoke at length and said 143 words

(exechange) — Boston, Massachusetts, November 07, 2017 — Jay Hooley, chief executive of State Street, leaves. His departure is made public at an early stage. As announced by State Street Corporation in a news release and in a regulatory filing published on Tuesday, November 07, 2017, Joseph L. (Jay) Hooley leaves the post as Chief Executive Officer at the financial services company, effective by the end of 2018.

Long goodbye

It is a long goodbye. The announcement of Hooley’s move comes up to 14 months prior to his planned departure from the post of CEO.

In general, a top executive who announces the departure very early may be considered a lame duck.

Hooley’s duties are taken over by Ron O’Hanley, currently vice chairman at State Street Corporation.

No reason given

In the announcement, State Street did not explicitly explain the reason for Hooley’s move, opening the door for speculation.

Hooley will remain as chairman at State Street

“Jay Hooley will retire as CEO by the end of 2018 after more than 30 years with the company and will remain as chairman throughout 2019,” State Street said.

Share price rise since June 2016

The change follows a rise in the share price of State Street Corporation since June 2016.

In the position of CEO since 2010

Joseph L. Hooley has been the Chief Executive Officer of State Street Corporation since March 1, 2010.

Hooley joined State Street in 1986 and currently serves as Chairman and Chief Executive Officer.

He served as President and Chief Operating Officer from April 2008 to December 2014.

From 2002 to April 2008, Hooley served as Executive Vice President and head of Investor Services and, in 2006, was appointed Vice Chairman and Global Head of Investment Servicing and Investment Research and Trading.

Hooley was elected to serve on the Board of Directors in October 2009, and he was appointed Chairman of the Board in January 2011.

Hooley serves as a member of the board of directors of the Federal Reserve Bank of Boston and a member of the Financial Services Forum in Washington D.C.

He is a director on the board of Boys & Girls Clubs of Boston, the President’s Council of the Massachusetts General Hospital, the Massachusetts Competitive Partnership and a trustee of the board of Boston College. He received his B.S. degree from Boston College.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Jay Hooley’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 46.2017 ($).