State Street Corporation (NYSE: STT) announced today senior management changes to help build on its business momentum and deliver its strategic growth objectives. Lou Maiuri has been appointed to president and head of Investment Services and Eric Aboaf, chief financial officer, to a vice-chairman. Maiuri and Aboaf will both continue to report to Ron O’Hanley, chairman and chief executive officer.
Maiuri now has end-to-end responsibility for all facets of State Street’s Investment Services business, including client management, product, technology, and operations. This expanded role will help promote the alignment of State Street’s products and solutions and differentiate its offerings in support of clients. It will also facilitate sales and revenue growth and the achievement of the company’s medium-term financial targets.
In addition to Aboaf’s appointment to vice chairman, he now has expanded responsibility for State Street’s Global Markets business. This provides Aboaf with direct management of all aspects of State Street’s balance sheet and the use of the balance sheet on behalf of clients. His role across all uses of our balance sheet will create additional growth and efficiencies, further drive balance sheet optimization, and promote the capital return to shareholders.
Expanding and elevating Lou’s and Eric’s roles and remits will deepen focus and accountability for results across our business globally, said O’Hanley. I look forward to continuing to work with this outstanding leadership team for years to come as we further drive our strategy to be the best and fulfill our vision to help create better outcomes for the world’s investors and the people they serve.