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State Street's new CEO to assume role in January 2019

Boston-based State Street Corp.'s CEO succession plan will take effect Jan. 1, 2019.

In November 2017, CEO Joseph Hooley announced his plans to retire by the end of 2018. Ronald O'Hanley, who is currently the company's president and COO, was appointed to succeed Hooley.

Hooley will remain as chairman of the company's board following his retirement. State Street's board plans to nominate Hooley for re-election as a director in the company's 2019 annual shareholders' meeting. If re-elected, he will continue as chairman until Dec. 31, 2019.