BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE: STT) announced today that Louis D. Maiuri, president, chief operating officer and head of Investment Services, will retire from State Street by early 2024. Effective January 1, 2024, Ron O’Hanley, chairman and chief executive officer will assume the office of the president (in addition to his current roles as chairman and chief executive officer) and responsibility for Investment Services, State Street’s largest business.
Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, will become State Street’s chief operating officer. Since 2020, Tahiri has transformed our franchise in the Asia-Pacific region to achieve sustainable growth. In April 2023, he added responsibilities as head of Middle East and North Africa. Tahiri has more than 25 years of experience in the asset management and investment services business.
Investment Services client facing activities will be further consolidated under Joerg Ambrosius, executive vice president and chief commercial officer. In line with his role as chair of State Street International Holdings, Ambrosius will also assume full responsibility for our international organization to provide seamless delivery to our clients across the globe.
Tahiri, Ambrosius, Donna Milrod, executive vice president and chief product officer, and John Plansky, executive vice president and head of State Street Alpha®, will report directly to O’Hanley. These organizational model changes will position State Street’s Investment Services business for long-term success, as it executes on its strategy, accelerates revenue growth, and continues to deliver for clients and shareholders. The realignment further strengthens its executional capabilities, streamlines decision making and provides clients with more efficient delivery of products, services and solutions.
O’Hanley remarked on Maiuri’s contributions to State Street, “Let me thank Lou for his outstanding leadership at State Street over the past ten years across a broad range of key roles starting with State Street Global Markets and more recently as president, chief operating officer and head of Investment Services. 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.”
Maiuri remarked on his tenure at State Street, “It has been a great privilege to work with this terrific team and help build State Street’s success while strengthening the firm’s foundation for growth. I started my investment services career leading a fintech start-up and went on to significant roles at major financial services organizations. 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.”
O’Hanley continued, “We will miss Lou’s contributions to State Street. His accomplishments were achieved with a strong team of executives. This group of executives will continue to execute and deliver upon our Investment Services strategy and our financial goals. 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.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $40.0 trillion in assets under custody and/or administration and $3.7 trillion* in assets under management as of September 30, 2023, State Street operates globally in more than 100 geographic markets and employs approximately 42,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.
