David A. Spina, chairman and CEO of State Street Corporation, has retired and will be replaced in both positions by Ronald E. Logue, the company announced.
Spina, who had been with the company since 1969, left mostly because of health reasons. "My heart surgery in May of 2003 prompted me to reassess my personal priorities," Spina said. "Choosing to retire now has been an extremely difficult decision for me, but I am confident that I am leaving the company at a very good time."
Spina guided State Street through its largest ever acquisition, that of Deutsche Banks Global Securities Services. During his tenure, the company eclipsed the $1 trillion mark in assets under management.
Said Logue, who has been with the company since 1990 and most recently served as President since 2001, "Having worked closely with David for many years, I have been deeply involved in the development of our business strategy and vision for State Street's future. Taking the reins now is a natural transition for me and one that I am very excited about."