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State Street Elects DonnaLee DeMaio to its Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
State Street Corporation (NYSE:STT) has announced the election of DonnaLee DeMaio to its Board of Directors. Aged 63, DeMaio previously served as executive vice president and global COO for the General Insurance division at AIG, managing over 5,000 employees globally. She also led MetLife Bank and has extensive experience in financial services and risk management. Her appointment aims to enhance the Board's expertise, as noted by CEO Ron O’Hanley. With $43.7 trillion in assets under custody, State Street operates in over 100 markets worldwide.
Positive
Appointment of DonnaLee DeMaio adds extensive experience in financial services.
DeMaio's diversified background includes leadership in operations, technology, and risk management.
Negative
None.
BOSTON--(BUSINESS WIRE)--
State Street Corporation(NYSE:STT) today announced the election of DonnaLee (Donna) DeMaio to its Board of Directors.
Ms. DeMaio, age 63, was previously executive vice president and global chief operating officer for the General Insurance division of American International Group (AIG). In this role she was responsible for all operational aspects of General Insurance globally, overseeing an organization of more than 5,000 employees, across five shared services sites in Asia, the United States and Europe. Ms. DeMaio held a variety of senior roles at AIG during her tenure, including overseeing global technology, global operations, procurement, real estate, administration, security, risk and control, project management, and transformation. She also served as chief auditor.
Before joining AIG, Ms. DeMaio was president and chief executive officer of MetLife Bank, responsible for the company’s seven business lines and leading 6,000 employees across 200 locations. Her responsibilities included building a risk organization to address all aspects of financial and operational risk for the company. Prior to MetLife Bank Ms. DeMaio was a partner at PwC specializing in financial services.
“We are delighted to welcome Donna to our Board,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporation. “She has extensive experience in highly regulated entities across the financial services industry, as well as deep global expertise. She has also provided strategic direction and leadership with results that span multiple regions, business lines and geographic locations, and we are confident she will be an invaluable asset to our Board.”
Ms. DeMaio received her Bachelor of Arts degree, summa cum laude, with majors in accounting and business from Muhlenberg College in 1981. She is also a Certified Public Accountant. She currently serves on the board of Hiscox Ltd., a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange.
“Donna has a broad range of experience across the finance, technology, operations and audit functions, as well as proven leadership in driving strategy for various business lines and revenue centers,” added Amelia Fawcett, independent lead director of State Street Corporation. “She will bring additional strength to our Board.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.7 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2021 includes approximately $61 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Who is DonnaLee DeMaio, and what is her background?
DonnaLee DeMaio is the newly elected Board member of State Street Corporation, previously serving as executive vice president and global COO at AIG's General Insurance division, and as CEO of MetLife Bank.
What impact might DonnaLee DeMaio's election have on State Street Corporation?
Her extensive experience in financial services and operations is expected to strengthen the strategic direction and leadership of State Street Corporation.
What is State Street Corporation's current financial position?
State Street Corporation has $43.7 trillion in assets under custody and $4.1 trillion under management as of December 31, 2021.
