State Street Corp. announced Thursday that Ronald E. Logue will retire as chief executive on March 1.
Logue, 64, has worked for the Boston company for almost two decades. He will continue to serve as non-executive chairman of State Street's board of directors until Jan. 1, 2011. On March 1, Jay Hooley, State Street's president and chief operating officer, will be promoted to CEO.
State Street also announced Thursday that Hooley was elected to the board, effective immediately.
During Logie's tenure as CEO, State Street completed multiple acquisitions and increased its international presence. "My primary goals when I assumed the role of CEO in 2004 were to drive State Street's global expansion and ensure its position as a market leader across our core businesses," Logue said in a press release. "Despite significant headwinds over the past 18 months, we have emerged over the course of the last five years as a stronger, more global organization.
Hooley has worked for State Street since 1986. He has led its global investment servicing business and is currently running its asset-servicing activities, including investment servicing, investment research and trading, and global operations and technology.