Next year State Street will hand the CEO reins to a back office veteran who once hailed from mutual fund sales. On Thursday the Boston-based firm revealed that president and chief operating officer Jay Hooley, 52, will succeed Ronald Logue, 64, as CEO on March 1, 2010.

Jay Hooley State Street CEO-to-be

Hooley, a 23-year company veteran, once led mutual fund sales for State Street, and he served as president and CEO of Boston Financial Data Services (State Street's shareholder servicing joint venture with DST Systems) from 1990 to 2000. He ascended to vice chairman of State in 2006 and to president and COO last year. Now Hooley also just joined State Street's board of directors.

State Street board member Gregory Summe praised Hooley as "a proven leader ... who is ideally suited to assume the role of CEO."

Ronald E. Logue State Street outgoing CEO

Logue will continue to serve as chairman until January 1, 2011. He first took the CEO post in 2004, climbing up from the president/COO chair like Hooley and taking over for retiring CEO David Spina. Logue also led the bank through its acquisition of Investors Financial Services Corp. in 2007. 

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