State Street CIO Alan Brown
has quit after being passed over for a promotion at the Boston-based bank according to a news report. Brown was passed over as the replacement for ex-SSgA President Russ Koesterich
. William Hunt
ultimately won the job. Brown had served as co-president of the unit after Timothy Harbert's death last summer.
Koesterich decamped to California to take a job at Barclays Global Investors, according Bloomberg
. State Street also considered COO Peter Leahy for the job along with Hunt and Brown, according to published reports.
Meanwhile, Brown will not be replaced at the money manager. Instead, U.S. bond chief Sean Flannery will add the title of chief investment officer for North America to his duties.
"We're going to miss him, but we have a very strong and proven team in place," a State Street spokesperson told Bloomberg
The decision to quit was one that cost Brown. The 51-yaer-old left $9.7 million of stock on the table when he left the firm, according to SEC filings dug up by Bloomberg. He had earned a base of $3.4 million and the free use of a State Street apartment in Boston (Brown makes his home in London).
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