State Street Corporation's Board of Directors announced retirement of Joseph L. Hooley from Chief Executive Officer and be succeeded by Ronald P. O'Hanley. will be effective following the close of business on December 31, 2018. Mr. O'Hanley will succeed Mr. Hooley as Chief Executive Officer on January 1, 2019; and to elect Mr. O'Hanley as a director, effective January 1, 2019.

Following his retirement as Chief Executive Officer, Mr. Hooley will remain as a director and continue to serve as Chairman of the Board. The Board intends to nominate Mr. Hooley for re-election as a director at State Street's 2019 annual meeting of shareholders, and, if re-elected, for Mr. Hooley to continue serving as Chairman until December 31, 2019.