It looks like the State Street [profile] investors who want change at the top are getting their wish.

Bloomberg's Christopher Condon reports that State Street CFO Edward Resch will step down next year. Resch has been the CFO for the custodian and asset manager since 2002, and he will retire once the firm finds a successor.

Last month, the Financial Times reported that State Street 's board was under pressure from several unnamed "large investors" who wanted Resch and CEO Jay Hooley replaced. Additionally, activist investor Nelson Peltz has been leading the charge for change at the top, and last year he put out a white paper arguing that shareholder returns should be higher.

State Street's valuation has trailed rivals Bank of New York Mellon and Northern Trust, according to the Bloomberg story. State Street's stock has risen 18 percent in the last 12 months, less than BNY Mellon's 27 percent Northern Trust's 29 percent gains in the same period.

The company said that it will conduct a "comprehensive internal and external search" for Resch's replacement.  

Edited by: Chris Cumming


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