GLOBAL – State Street Corp.’s 61-year-old chairman and chief executive David Spina, who had heart surgery last year, is to retire and be replaced by operating chief Ron Logue.
The Boston-based group said in a statement that president and chief operating officer Logue, 58, would take over immediately.
“During the past year, State Street’s board of directors has developed a comprehensive plan to ensure a seamless succession,” it said.
“My heart surgery in May of 2003 prompted me to reassess my personal priorities,” Spina said. “Choosing to retire now has been an extremely difficult decision for me, but I am confident that I am leaving the company at a very good time,” said Spina.
He joined the company in 1969 became CEO in 2000. He oversaw State Street’s 1.5 billion-dollar acquisition of Deutsche Bank’s Global Securities Services business.
“Having worked closely with David for many years, I have been deeply involved in the development of our business strategy and vision for State Street’s future,” Logue said.
“Taking the reins now is a natural transition for me and one that I am very excited about.” He joined in 1990 and become COO in 2000.
Separately, State Street has announced that its State Street Global Advisors arm in the UK saw its assets under management rise 85% in the year to the end of March 2004, going from 49.9 billion pounds (74.5 billion euros) to 92.8 billion pounds.
And it has also named Paolo Crozzoli as vice president for sales at State Street Bank Luxembourg.