June 6 (Bloomberg) -- State Street Corp., the third-biggest custody bank, said Michael W. Bell will become chief financial officer in August when Edward Resch retires.
Bell, 49, was most recently CFO of Manulife Financial Corp. in Toronto, Boston-based State Street said today in a statement. Resch served as CFO for more than 10 years.
Resch announced his pending retirement in November, a year after the company came under pressure from some investors to return more capital to shareholders. State Street has since cut jobs, increased dividends and share buybacks, and its shares have outperformed its biggest rivals this year.
“We’re delighted to welcome Michael to our management team,” Chief Executive Officer Joseph Hooley said in the statement. “His impressive career experience as CFO of two large global companies and knowledge of financial markets, combined with strong leadership and management skills, will enhance our commitment to having a best-in-class finance team and to delivering long-term value to our shareholders.”
Before joining Manulife, Bell worked at Bloomfield, Connecticut-based insurer Cigna Corp. for 24 years, including seven years as CFO, according to the statement.
State Street has risen 39 percent this year, compared with 15 percent for Bank of New York Mellon Corp., the largest custody bank, and 15 percent for Chicago-based Northern Trust Corp.
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