FRANCE - Monique Bourven is to retire as head of State Street Banque and be replaced by François Schock.

State Street Corp. said that Bourven, a prominent figure in French financial circles and chairman and chief executive of the Paris-based subsidiary, would retire on December 31.

“Bourven will be succeeded by Jean-François Schock, a 20-year veteran of State Street,” the company said, adding that he has been key to State Street's presence in continental Europe. He currently heads sales and marketing initiatives for asset management arm State Street Global Advisors.

“Together with associates Jean Echiffre and Alain Diaz, he will ensure a smooth continuity of Bourven's legacy,” State Street added.

"Monique has been a most valued colleague and contributor to State Street Banque's success over the past 12 years," said SSGA chairman and CEO Timothy Harbert.

“As we transition to new leadership, we look forward to building on the group's track record of bringing innovative investment products to market."

Bourven was president of the financial markets council, the Conseil des Marchés Financiers. The CMF recently merged with stock market regulator La Commission des Opérations de Bourse to form the Autorité des Marchés Financiers. Bourven is a board member of the new body, which is headed by former COB president Michel Prada.

A spokeswoman said Bourven would continue in her regulatory post.