BOSTON, June 6 (Reuters) - 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 strategy.