Benzinga | Jan 19, 2022 07:46AM EST

State Street Announces Planned Retirement Of President And CEO Cyrus Taraporevala

President & Chief Executive Officer of State Street Global Advisors to Retire in 2022, Will Remain In Role Until Successor is Appointed

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE:STT) today announced that Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors, will retire in 2022. Taraporevala will remain in his role through the completion of the search for his successor and transition process to ensure a seamless succession which we anticipate happening in the second half of this year.

Taraporevala joined State Street Global Advisors in 2016 and held a variety of senior leadership roles including responsibility for leading the global institutional client, product and marketing teams. He was appointed president and chief executive officer of State Street Global Advisors in late 2017.

Under his leadership, Global Advisors has delivered impressive growth and the results have been an important component of State Street's overall performance. Over the course of Taraporevala's tenure, State Street's investment management pre-tax earnings grew by 67 percent and pre-tax margin expanded by 11 percentage points from 21 percent1 in 2017 to 32 percent in 2021. In our financial results announced today, State Street Global Advisors finished this past year with assets under management of $4.1 trillion, up almost 50 percent from end-2017.

"In addition to the impressive financial results, Cyrus and his team at Global Advisors have contributed significantly to State Street's overall mission to create better outcomes for the world's investors and the people they serve. State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact. Cyrus has also been a strong voice on environmental, social and governance (ESG) issues and stewardship and has advanced Global Advisors' ESG leadership," said Ron O'Hanley, chairman and chief executive officer of State Street Corporation. "Having Cyrus continue to lead State Street Global Advisors and transition responsibilities to a successor will help ensure we build on its strong momentum."