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PEOPLE - Clean State
Talk about needing some New Year’s resolutions.
Talk about needing some New Years resolutions. After a rocky late 2007, $2 trillion-in-assets State Street Global Advisors said good-bye to CEO William Hunt, 45, installing James Phalen, 57, the head of parent State Street Corp.s international custody operations, to fill in while a new CEO is sought. Hunt, who became CEO in January 2005, had a strong run until the past six months, when losses in SSgA bond funds stemming from the summers mortgage crisis triggered a wave of lawsuits from irate investors who had lost money and forced State Street to set aside a $618 million reserve. This is a positive development, says Michael Travaglini, executive director of the Massachusetts Pension Reserves Investment Management Board, a major client. SSgA has had some difficulty, and somebody needs to be held accountable.