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Thursday, July 01, 2004

State Street Head Honcho Retires

News summary by MFWire's editors

David A. Spina, 61, announced on Wednesday that he was retiring as chairman and chief executive officer of State Street.

Ronald Logue, formerly president and chief operating officer of State Street was quickly named by the company's board of directors as Spina's successor, effective as of Wednesday.

In a Thursday conference call, Logue said a new president and coo had not been named, but that management would make use of Spina's retirement to "shift some talent around." He added, "You're not going to see anything major, quickly though."

"My heart surgery in May 2003 prompted me to reassess my personal priorities," stated Spina. He said the surgery was "one of those life changing events" and cited responsibilities to family and a lengthy list of to-dos as reasons for retiring.

Spina's career spanned an impressive 35 years, including roles as the company's chief financial officer, treasurer, president and ultimately, the company's number one.

"I couldn't be more confident" about the handover, said Spina.

Logue's career with the Boston-based firm began in 1990, when he joined as senior vice president and head of investment servicing for U.S. mutual funds. Eleven years later, he was promoted to COO and president.

Going forward, Logue said "I intend to concentrate on execution, execution, execution." When questioned about future shifts in strategy, Logue answered conservatively, "I don't see a major shift in that strategy, or a change in direction," again reemphasizing execution.

Addressing whether the firm is a takeover target, Logue said "we continue to say that we want to remain independent." If State Street were to be part of a larger organization, the company could lose out on investment and its business focus, said Logue.

In the search for a new chief executive, Spina said that the board considered outsiders and also gave some thought to splitting the chairman-chief executive role.

Ultimately, the board decided the "benefits of one voice...outweigh any advantages of the other structure," adding that the combined role is better for the company's performance.

"The board doesn't fear the so-called imperial ceo," said Spina, joking that Logue would soon find that fact out.  

Edited by: Theresa Sim


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