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Boston, MA (Profitable.com) State Street Corporation (NYSE: STT) announced today that it has named Michael W. Bell as executive vice president and member of its Management Committee, the company’s senior-most policy-making and strategy group. Bell, age 49, will assume the role of chief financial officer in August, following the planned retirement of Edward J. Resch (previously announced in November 2012) who has served in the role for eleven years. As CFO, Bell will be responsible for State Street’s companywide financial strategy and functions including treasury, accounting, tax and reporting and investor relations. He will report directly to Jay Hooley, State Street’s chairman, president and chief executive officer.
Bell has almost three decades of experience within financial services. He most recently served as chief financial officer of Manulife Financial Corporation in Toronto where he was responsible for the global financial functions for one of the world’s largest life insurance and financial services companies, with principal operations in Asia, Canada and the United States. Prior to Manulife, Bell held senior executive roles spanning a 24-year career at Cigna Corporation including seven years as chief financial officer of the corporation and two years as president of Cigna Group Insurance.
“We’re delighted to welcome Michael to our management team,” said Hooley. “His impressive career experience as CFO of two large global companies and knowledge of financial markets, combined with strong leadership and management skills, will enhance our commitment to having a best-in-class finance team and to delivering long-term value to our shareholders.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $25.4 trillion in assets under custody and administration and $2.2 trillion in assets under management at March 31, 2013, State Street operates in more than 100 geographic markets worldwide, including the U.S., Canada, Europe, the Middle East and Asia. For more information, visit State Street’s web site at www.statestreet.com.
This AUM includes the assets of the SPDR Gold Trust (approx. $62.7 billion as of March 31, 2013), for which State Street Global Markets, LLC, an affiliate of State Street Global Advisors, serves as the marketing agent.