Powers will report to Ronald E. Logue, chairman and chief executive officer of State Street, and will join the company’s Operating Group, State Street’s senior-most strategy and policy-making team, the announcement said. He succeeds James S. Phalen, who has served as interim president and CEO of SSgA since January.
Phalen will return to his position as head of international operations for State Street’s investment servicing and investment research and trading businesses.
Powers will join SSgA from Old Mutual US where he has served as chief executive officer of Old Mutual plc’s US operations. Prior to joining Old Mutual, he held senior management positions at Mellon Institutional Asset Management and The Boston Company Asset Management. Powers began his career as a financial services adviser with Dean Witter Reynolds.