State Street in Boston is on the hunt for a new chief financial officer.
Michael Bell, 52, has decided to step down within the next year the custody bank said Thursday. State Street will "conduct a comprehensive search for his successor," the company said in a news release. Bell will remain in the role until his replacement is hired.
State Street did not provide a reason for Bell's decision to resign.
In its 2015 proxy statement, in describing Bell's compensation, State Street said he "developed a strategy to address emerging capital requirements" during his first full year with the bank, and "oversaw issuances of preferred stock, implementing one of the initial phases of that strategy."
Bell became CFO in June 2013, when he joined State Street. He previously was CFO at Canada's Manulife Financial and at Cigna.