BOSTON, June 6 State Street Corp has
picked a former Manulife Financial Corp executive as
its next chief financial officer.
Michael W. Bell, most recently the CFO at Toronto-based
Manulife, replaces long-time State Street CFO Edward J. Resch,
the company said on Thursday.
Bell will receive an annual base salary of $800,000, with
target annual incentives of nearly $2 million for each of 2013
and 2014, State Street disclosed.
Resch announced in November he planned to retire, just
months after a report said the custody bank's largest investors
wanted to oust him or Chief Executive Jay Hooley. But State
Street said Resch's move wasn't related to any investor
discontent over its compensation expenses and share price.
Meanwhile, State Street's stock has climbed 64 percent over
the past 12 months, outperforming the 27 percent rise in the
Standard & Poor's 500 index during that time.
After a Financial Times report last year said four of State
Street's 10 largest shareholders were frustrated with the
company's stock price and pace of cost cutting, Hooley told
Reuters that most shareholders like what he is doing and have
confidence in the company's long-term prospects.
On Thursday, Hooley said in a statement that Bell's nearly
three decades of experience within financial services - most
notably at Manulife and a 24-year career at Cigna Corp -
made him the right person to lead State Street's financial