State Street Corporation (NYSE:STT) today announced that Cyrus Taraporevala, president and chief executive officer of State Street Global Advisors, will retire in 2022.

Taraporevala will remain in his role through the completion of the search for his successor and transition process to ensure a seamless succession which we anticipate happening in the second half of this year.

Taraporevala joined State Street Global Advisors in 2016 and held a variety of senior leadership roles including responsibility for leading the global institutional client, product and marketing teams. He was appointed president and chief executive officer of State Street Global Advisors in late 2017.

In State Street’s financial results announced today, State Street Global Advisors finished this past year with assets under management of $4.1 trillion, up almost 50% from end-2017.

Ron O’Hanley, chairman and chief executive officer of State Street Corporation, commented:

“In addition to the impressive financial results, Cyrus and his team at Global Advisors have contributed significantly to State Street’s overall mission to create better outcomes for the world’s investors and the people they serve. State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact.

Cyrus has also been a strong voice on environmental, social and governance (ESG) issues and stewardship and has advanced Global Advisors’ ESG leadership. Having Cyrus continue to lead State Street Global Advisors and transition responsibilities to a successor will help ensure we build on its strong momentum.”