State Street shakes up leadership as senior exec announces retirement

State Street has announced some changes to its leadership structure as current president, chief operating officer and head of investment services Louis D. Maiuri prepares for retirement.

From Jan. 1, Ron O’Hanley, the firm’s chairman and CEO, will take on the additional responsibility as president of investment services, which is the firm’s largest business, while the COO role will be filled by Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, who has more than 25 years of asset management and investment management experience.

Client-facing activities of investment services will be led by Joerg Ambrosius, executive vice president and chief commercial officer, who is also chair of State Street International Holdings, and will assume full responsibility for the international organization.

Along with Donna Milrod, executive vice president and chief product officer, and John Plansky, executive vice president and head of State Street Alpha, Tahiri and Ambrosius will report directly to O’Hanley.

The firm says the changes to the organizational structure will enable State Street to position the investment services business for long-term success.

“This group of executives will continue to execute and deliver upon our Investment Services strategy and our financial goals,” O’Hanley said. “Together with the other business leaders, including Eric Aboaf, vice chairman, chief financial officer and head of our Markets and Financing business, and Yie-Hsin Hung, president and chief executive officer of State Street Global Advisors, I am confident that we continue to have an industry leading team that can achieve our strategic goals and deliver value to our clients and investors.”

TRIBUTE TO OUTGOING COO

O’Hanley paid tribute to Maiuri, who has been with the firm for 10 years in several key roles.

“Lou has expanded the client base for our core Foreign Exchange and Securities Finance services and driven innovation in our Global Markets business. He played a pivotal role in identifying and acquiring Charles River Development and using that acquisition to launch and grow State Street Alpha. Lou has also been central to managing our operational and technology resiliency enhancements, which are critical elements of our service offerings and a focal point for our clients and regulators,” he said.

Speaking of his time with the firm, Maiuri added that it’s been a privilege to work with the team and help build the firm’s success. But he is not planning to leave the industry.

“I started my investment services career leading a fintech start-up and went on to significant roles at major financial services organizations,” he said. “In my next stage, I intend to explore the new opportunities being created by the confluence of technology and finance. I remain a shareholder with great confidence in State Street’s strategy and the team that will execute it. I look forward to watching State Street thrive and grow.”