New CEO Named at SSgA
April 4, 2008
State Street Global Advisors (SSgA) has filled the vacant president and CEO post with the hiring of Scott Powers, the firm announced today. He replaces Bill Hunt who resigned earlier this year.
James Phalen, who has served as interim president and CEO will resume his responsibilities as head of international operations for State Street’s investment servicing and investment research and trading businesses.
Powers will relinquish his role as CEO of Old Mutual US to join the firm. He will report to Ronald Logue, chairman and chief executive of State Street.
Tom Turpin, executive VP and chief operating officer at Old Mutual U.S. has been named interim CEO, according to a statement issued by the firm. Turpin joined Old Mutual in 2002.
As of December 31, 2007, SSgA has $2 trillion in assets under management.
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