State Street Chief Financial Officer to Retire in 2013
BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYS: STT) announced today that Executive Vice President and Chief Financial Officer, Edward J. Resch, 60, has informed the company of his plan to retire in 2013, after more than a decade in the role, following the appointment of his successor and an orderly transition of the function.
"Ed has been our CFO during one of the most challenging times for our industry," said Jay Hooley, chairman, CEO and president of State Street. "We are fortunate to have benefited from his unwavering dedication for the past ten years and, particularly, for his leadership during the recent critical period of the financial crisis. The timing of his retirement will enable a thorough transition process to his successor."
State Street will conduct a comprehensive internal and external search for a new chief financial officer.
"I feel very fortunate to have worked as part of this management team over the past decade," said Edward J. Resch. "I look forward to being actively involved in the leadership transition of the finance function."
About State Street
State Street Corporation (NYS: 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 $23.4 trillion in assets under custody and administration and $2.1 trillion in assets under management at September 30, 2012, State Street operates in 29 countries and more than 100 geographic markets. For more information, visit State Street's web site at www.statestreet.com.
*This AUM includes the assets of the SPDR Gold Trust ($75.3 billion as of September 30, 2012), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.
Forward-Looking Statements: This news release contains forward-looking statements as defined by United States securities laws, including statements relating to our goals and expectations regarding our business, financial and capital condition, results of operations, investment portfolio performance and strategies, the financial and market outlook, governmental and regulatory initiatives and developments, and the business environment. Forward-looking statements are often, but not always, identified by such forward-looking terminology as "plan," "program," "expect," "look," "believe," "anticipate," "estimate," "seek," "may," "will," "trend," "target," and "goal," or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing our expectations or beliefs as of any date subsequent to November 20, 2012.
Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2011 Annual Report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this presentation speak only as of the date hereof, November 20, 2012, and we do not undertake efforts to revise those forward-looking statements to reflect events after that date.
State Street Corporation
Hannah Grove, +1 617-664-3377
Carolyn Cichon, +1 617-664-8672
Valerie Haertel, +1 617-664-3477
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