Hooley became CEO back in 2010 and, according to State Street, has helped the financial service expand globally and established the firm as a leader in digitisation.
State Street’s board of directors has appointed Ron O’Hanley to succeed Hooley.
Hanley was previously vice chairman of State Street and president and CEO of State Street global advisors.
O’Hanley has more than three decades of experience leading asset management firms and serving both asset owners and asset managers.
Prior to joining State Street in 2015, O’Hanley served as president of asset management & corporate services for Fidelity Investments.
Before Fidelity, O’Hanley spent 13 years in leadership positions at BNY Mellon, including vice chairman of BNY Mellon’s financial corporation and CEO of BNY Mellon’s asset management.
Hooley said: “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.”
He added: “I am very confident that Ron O’Hanley has the right qualities, expertise and vision to lead the next phase of State Street’s growth. I know that his perspectives and background will serve us very well as we seek to strengthen client engagement across the organisation and create a more seamless experience for our clients.”
O’ Hanley commented: “I am excited to lead State Street at a time of profound change across the industry and for our clients. I am enthused about this opportunity and very confident in our ability to succeed.”
Cyrus Taraporevala will succeed O’Hanley as president and CEO of State Street global advisors.
He will report to Hooley and join State Street’s management committee.
Mike Rogers, who O’Hanley is succeeding as president and COO of State Street, is also retiring at the end of 2017.
Andrew Erickson, who is currently head of State Street’s global services business for the Americas, will lead a newly-formed global services business worldwide.
While, Jeff Conway, currently CEO of State Street EMEA, will assume a new role leading State Street’s global operations, infrastructure and business transformation.
O’Hanley, Taraporevala and Rogers will work together over the next two months to enable a smooth transition of responsibilities.