SSgA's Harbert Replaces Lopardo

August 3, 2001 ( - State Street Global Advisors' president Timothy Harbert is replacing Nicholas Lopardo as chief executive and chairman, parent company State Street announced Friday.

According to the statement, Lopardo is retiring from the group in order to devote more time to his family and other outside interests. His departure is effective immediately.

Recent reports in the Boston Globe said that tension with State Street CEO David Spina was the real reason for Lopardo’s departure. According to the reports, Lopardo’s departure followed an argument with Spina over the cost to the firm of flying hockey star Ray Bourque to Boston after his Stanley Cup win, which proved to be the last straw in a series of conflicts.

‘Nick has been a valued colleague and a key contributor to State Street’s success for the past 14 years, helping to build SSgA into one of the world’s largest asset management firms. We respect his decision and wish him well,’ Spina said in Friday’s statement.

Under Lopardo, SSgA became one of the world’s biggest asset managers, with $727 billion under management, from just $18 billion in 1987 when he joined the group. He became a vice chairman of the parent company in 1997 and was named a director in 2000.

Harbert was hired by Lopardo in 1987. According to the company, he has been instrumental in the expansion of its overseas operations overseas.