Thread regarding State Street Corp. layoffs

Another new CEO for State Street Ronald P. O'Hanley

As Previously Announced, Jay Hooley to Retire as Chairman on December 31, 2019

State Street Corporation (NYSE: STT) today announced that its board of directors has appointed Ronald P. (Ron) O’Hanley, State Street’s chief executive officer, as chairman, effective January 1, 2020, following Jay Hooley’s planned retirement. Mr. Hooley has served on the Board of Directors since 2009 and as Chairman of the Board since 2011. Amelia Fawcett will continue in her role as State Street’s independent lead director.


"We are pleased to name Ron as chairman," said Amelia Fawcett. "Ron’s appointment represents the culmination of the leadership transition implemented by the board over the past several years. Since becoming CEO in January, Ron has brought tremendous energy and results-oriented management focused on creating shareholder value. On behalf of the Board of Directors, I want to thank Jay for his long and distinguished career at State Street and for guiding a successful leadership transition."

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Post ID: @OP+12EEYcBE

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@Post ID: @12EEYcBE-9myv

As the loyal Marsh Carte fan who has upset some people here. Your post is 100% the truth on how he treated the workers of the company. They were considered assets not expenses to be gotten rid of.

For the last 15 years ever CEO has done the same thing , outsource jobs, and the far more insulting forcing State Street workes to train their H1B replacement workers.

Back then the company was a big fan of giving every worker a chance to climb the job ladder at the company.
Today workers are just trying to hang onto the ladder

Post ID: @9qyp+12EEYcBE

Worked there for 26 years till I just received my offshore Notice and layoff in November. I was there when Marsh was the CEO and he certainly ran a company you would want to work for and he had American pride and pride in his workers. Bottom line Is a company’s overall structure and policies and overall rationale and beliefs/core values come from the top. No one after Marsh ever treated us the way Marsh did and it was a great place to work. Sad, but true. I firmly believe if he was CEO now we would have a very different company and I would still have my job!

Post ID: @9myv+12EEYcBE

Well most likely they are being facetious at the expense of the Marsh Carter cheerleader who seems to have only one setting which is the same bit about how great things were in the Marsh Carter days.

I find it funny though how some people treat CEOs with this god like reverence. Was Hooley a poor CEO as some think? Was Marsh as great as his cheerleader on these forums thinks? Probably the answer is somewhere in between for both.
These are just people who happened to be in the right place at the right time or the wrong time and their legacy is controlled by market conditions rather than their own actual competence.
What's not funny is the extraordinarily large remuneration these guys get for what exactly?

To get back to the OP's initial opine, its hard to see Ron's tenure as anything other than an extension of whats happened over the last while. Outsource and offshore.
There doesn't seem to be the collective ability at senior management level to work through the problems ,re position the business and remove the almost unbelievable level of red tape/impediments people face in order to do the actual work that earns the money. Its easier to just lower the cost base by repositioning where your staff is in the world and hope that productivity doesn't go down too much. When that tactic runs its course where will they then turn?

Post ID: @8opb+12EEYcBE

Jay was the chair of the board of directors, not current CEO. Also, find it laughable someone on here thinks Mr. Carter is on this message board. Funny stuff.

Post ID: @7cdj+12EEYcBE

Ronald P. O'Hanley
As Previously Announced, Jay Hooley to Retire as Chairman. The new CEO probably won't be much different than the previous leaders of State Street. Marsh Carter was a great leader of State Street Corporation and all his predecessors haven't even come close to replacing his leadership qualities.
Hopefully, Ronald O'Hanley will make some positives changes that will ultimately benefit the employees and shareholders.

Post ID: @5klu+12EEYcBE

Hey hey.....ho ho......Jay hooley's got to go...

It worked! Took too long but it worked!

Post ID: @5ewx+12EEYcBE

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