Hooley became CEO in 2010 and is credited with helping the bank expand globally, and with establishing the firm as a leader in digitisation.
Mike Rogers, president and COO of State Street, is retiring at the end of 2017.
State Street’s board of directors has appointed Ron O’Hanley to succeed both Hooley and Rogers. Hanley was previously vice chairman of State Street and president and CEO of State Street global advisors.
O’Hanley has more than 30 years of experience leading asset management firms and serving both asset owners and asset managers.
Prior to joining State Street in 2015, O’Hanley was president of asset management and corporate services for Fidelity Investments.
Before Fidelity, he spent 13 years in various 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 take over from O’Hanley as president and CEO of State Street global advisors, and will join State Street’s management committee.
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.
Jeff Conway, currently CEO of State Street in Europe the Middle East and Africa, will assume a new role leading State Street’s global operations, infrastructure and business transformation.
According to State Street, O’Hanley, Taraporevala and Rogers will work together over the next two months to allow for a smooth transition of responsibilities.