Carter’s impressive legacy is evidenced by:
- the extraordinary surge in State Street’s share price during his tenure, a function of persistent earnings strength
- his aggressive actions in keeping State Street independent, particularly from the persistent and wholly unwanted attentions of the Bank of New York , and
- his ability to work smoothly with Nicholas A. Lopardo, the visionary but highly independent chief executive of State Street Global Advisors (SSgA).
David Spina has long been holding down the number two slot at State Street, so his elevation is entirely expected. How long he holds ?Eor chooses to hold down – the chief executive role is uncertain, however. The clear frontrunner for the hunt to succeed Spina is custody and mutual funds maven Ron Logue, who was named Chief Operating Officer today. Logue and Lopardo were both named to the company’s board of directors today, and vice chairman John Towers was designated chief administrative officer.
Carter joined State Street in 1991, assuming the post of Chairman and CEO in 1992. He is widely credited with establishing State Street as a leading provider of services to institutional investors, building on a strong technology base and global presence. Officially, he plans to devote the next phase of his career to education and leadership in community service organizations, but there is word of a move to Washington.
During his nine-year tenure, assets under custody have increased from $912 billion to more than $6 trillion, while assets under management have risen from $66 billion to $720 billion.
Mr. Spina joined State Street in 1969, after holding a variety of positions within the company, including chief operating officer, chief financial officer and treasurer, executive vice president and vice chairman. He was elected president in 1995. Spina is just the third person to hold the title of CEO at State Street in the past 25 years.
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