Mr Hooley, who will step down from his role at the end of 2018, has been with State Street for more than three decades, and has served as the business’ chief executive since 2010, the company said in a statement.
Former vice chairman of State Street, and former president and CEO of State Street Global Advisors, Ron O’Hanley has been named as the new CEO.
Commenting on his replacement, Mr Hooley said he was “very confident” in Mr O’Hanley’s ability to lead the business.
“Ron brings tremendous passion and energy to the role, as well as a unique perspective having been a State Street client,” he said.
“I know that his perspectives and background will serve us very well as we seek to strengthen client engagement across the organisation and create a more seamless experience for our clients.”
Mr O’Hanley joined State Street in 2015, prior to which he was president of asset management and corporate services for Fidelity Investments, and has also held leadership roles with BNY Mellon.
Mr Hooley will continue to serve as chair of the company’s board throughout 2019, the statement said.
