State Street Global Advisors announced on Wednesday of this week that President & CEO Cyrus Taraporevala, age 54, is planning to retire later this year. He’ll remain in his role through the completion of the search for his successor and the transition process.
The announcement came only one week after Taraporevala sent SSGA’s annual letter to portfolio companies that set forth 2022 priorities. This Bloomberg article says that State Street CEO Ron O’Hanley does not expect any broad strategic change in connection with this change to SSGA leadership.
SSGA’s investment management pre-tax earnings grew by 67% during Taraporevala’s tenure. Its assets under management are up to $4.1 trillion, a nearly 50% increase from when Taraporevala was appointed SSGA’s President & CEO in late 2017.
– Liz Dunshee