American investment management firm State Street has selected Ron O’Hanley to succeed Jay Hooley, who will retire as CEO by end of 2018.

However, Hooley – who has been associated with the investment manager since 30 years – will remain as chairman throughout 2019, the company said.

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O’Hanley, who previously was vice chairman of State Street and president and CEO of State Street Global Advisors, will take up the role as COO and president until Hooley retires next year.

Mike Rogers, who is currently the president and COO of State Street, will retire at the end of this year.

O’Hanley joined State Street in 2015. Prior to that, he served as president of asset management & corporate services at Fidelity Investments.

O’Hanley will be replaced by Cyrus Taraporevala as president and CEO of SSGA. In the new role, he will report to Hooley and join State Street’s management committee.

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Taraporevala has around three decades of experience in asset management industry. He worked with Fidelity Investments in the past, before joining SSGA in 2016.

As part of this global transition, current head of State Street’s Global Services business for the Americas Andrew Erickson will head Global Services business worldwide. Present CEO of State Street in EMEA Jeff Conway will lead the firm’s global operations, infrastructure and business transformation.

Conway will be succeeded by Liz Nolan, current co-head of Global Services for EMEA. Nolan will report to O’Hanley in the new role.

“I am excited to lead State Street at a time of profound change across the industry and for our clients,” O’Hanley said. “I believe that we have the right strategy in place to enable our clients’ success, and growth for our shareholders.”