State Street Corp. has tapped a six-year veteran, John A. Fiore, to become chief information officer.
He will succeed James M. MacDonald, who is leaving to pursue entrepreneurial opportunities in the technology industry, the company said.
Mr. Fiore, 47, will be responsible for managing, developing, and implementing technology around the globe for all of State Street's businesses. Most recently he served as chief information officer for State Street Global Advisors, the bank's investment management arm. Before that he ran information technology for the retirement investment services business.
In his new role Mr. Fiore plans to focus first on completing State Street's year-2000 and euro conversions, improving straight-through- processing, and developing additional integrated services for clients.
More than 90% of State Street's revenues come from processing and managing information related to securities transactions. "This organization is very heavily technology-driven," Mr. Fiore said, "and success depends on our effective use of technology."
The Boston-based bank has received several awards for its implementation of technology, including Gartner Group's annual "excellence in technology" award.
State Street holds $4.3 trillion of assets under custody and $422 billion under management in 26,000 portfolios in 51 currencies. Of 17,000 employees worldwide, 6,400 are involved in information technology and 2,240 are "pure technical" employees, said Mr. Fiore.
Mr. Fiore will report to David A. Spina, president and chief operating officer of State Street.