State Street Corporation, (State Street), NYSE:STT today announced that its board of directors has appointed Lou Maiuri, previously head of State Street’s Global Markets and Exchange businesses, to the role of Chief Operating Officer. In this capacity, he will have overarching responsibility for State Street’s IT, Global Delivery, Global Exchange, Charles River Development and Product teams. Maiuri will continue to serve on State Street’s Management Committee and report to President and CEO Ron O’Hanley.
Last year, State Street brought together all of its client facing activities including service, relationship management and sales under the leadership of Management Committee member Andrew Erickson to enable a more seamless client experience and consistent touchpoints across the globe. This organization includes the newly formed Global Clients Division led by Donna Milrod.
“Bringing together the resources that drive our operating infrastructure, technology strategy and innovation under one leader complements the moves we have made with our client-facing activities to make State Street more seamless. This will also accelerate our ability to deliver our front-to-back investment servicing platform and become a true technology-driven scale provider,” said O’Hanley. “These priorities reflect our commitment to solving our clients’ greatest challenges while driving shareholder value. Lou will work in partnership with Andrew to deliver better outcomes for our clients and the people they serve.”
Since rejoining State Street in 2013, Maiuri has held leadership roles with increasing responsibility and was instrumental in the Company’s recent acquisition of Charles River Development as part of its front-to-back investment servicing platform strategy. Prior to State Street, Maiuri held various roles at BNY Mellon including deputy chief executive officer of asset servicing, head of the global financial institutions group within the asset servicing business and also as a member of the Operating Committee. Earlier in his career, Maiuri held the roles of chief operating officer and chief executive officer of Eagle Investment Systems LLC and worked at Fidelity Investments in both the fixed income and equity investments divisions. More than two decades ago he served as a vice president in technology at State Street. Maiuri chairs State Street’s Professional Women’s Network, the company’s largest Employee Resource Group.
“I am excited to take on this new role and lead the most transformative parts of our company,” said Maiuri. “Focusing our resources and our financial and human capital on a common set of priorities and towards a common vision will accelerate our ability to succeed and strengthen our performance and position in the marketplace. Keys to our success will be driving greater automation, setting industry standards and enabling continuous innovation.”
Liz Nolan, currently CEO for State Street in EMEA, will assume responsibility for Global Delivery, managing the company’s global operations and infrastructure that supports clients in 26 countries and more than 100 markets worldwide. Nolan follows Jeff Conway in this role, who is leaving State Street after a more than 30-year career. Nolan will retain her EMEA CEO and UK responsibilities until a successor is appointed. Karen Keenan, Chief Administrative Officer, has expanded her responsibilities to include oversight for State Street’s Global Markets business, having led the group earlier in her career. She will continue to report to Ron O’Hanley.
“An early focus of mine as CEO has been to match our leadership talent against our desire to be a high performing organization and the areas that will create the greatest capacity and advantage for us as a firm. These new appointments reflect this focus,” said O’Hanley. “I want to thank Jeff Conway for what has been a remarkable career at State Street spanning more than three decades.”