Nicholas Lopardo, vice chairman of State Street Corp. and CEO of State Street Global Advisors (SSgA), retired last week after 14 years. Timothy Harbert, president of SSgA, has taken over Lopardo's duties. It was unclear whether Harbert will continue to serve as president.
State Street spokeswoman Hannah Grove would not disclose whether Lopardo influenced or directed Harbert's appointment, but she said the pair worked closely together for more than a decade.
"Nick hired Tim in 1987 to help build SSgA and they have worked side-by-side," Grove said. "He has played a huge role in SSgA's expansion overseas."
The firm will continue to use Harbert's international experience to drive SSgA's business abroad, State Street CEO David Spina said in a statement.
State Street currently has two vice chairmen: Ronald Logue and John Towers. The company has no immediate plans to appoint another.
During Lopardo's tenure, SSgA soared from $18 billion to $727 billion in assets under management. In 1993, the firm launched the first ETF with the New York Stock Exchange.