State Street Elects Julio Portalatin and John Rhea to Its Board of Directors
State Street Corporation (NYSE:STT) today announced the election of Julio Portalatin and John Rhea to its Board of Directors, effective immediately.
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Julio Portalatin (Photo: Business Wire)
Mr. Portalatin, age 61, was previously president and chief executive officer of Mercer, an entity redefining the world of work, reshaping pension investment outcomes and unlocking health and wellbeing solutions. He oversaw the company's strong growth in client financial security offerings, including the creation of web-enabled marketplace solutions. He also served as vice chairman at Marsh & McLennan Companies with responsibility for strategic client relationships, business development and leading efforts at the World Economic Forum.
Before joining Mercer in 2012, Mr. Portalatin spent nearly two decades at American International Group (AIG), including serving as president and chief executive officer of AIG Growth Economies. In this capacity, he was responsible for leading the company's expansion into the largest growth economies, including strategic business expansion in Asia Pacific, Latin America, South Asia, Middle East, Africa and Central Europe. Mr. Portalatin is a former director of DXC Technology, an NYSE-listed information technology company and actively supports several nonprofit organizations. He currently serves on the board of directors of AARP and Covenant House International, as well as a member of the board of trustees of Hofstra University.
Mr. Rhea, age 55, s currently a partner at Centerview Partners, a leading independent investment banking advisory firm. He is also the founder and managing partner at RHEAL Capital Management, a real estate development and investment firm specializing in affordable and market rate housing, public private partnerships, and acquisition and repositioning of commercial real estate in urban communities. Prior to Centerview, Mr. Rhea was senior advisor and president of Corporate Finance and Capital Markets at Siebert Williams Shank, where he orchestrated Siebert's involvement in marquee IPOs, noteworthy advisory assignments, and debt and equity transactions for leading Fortune 500 companies. Additionally, he engineered the merger of complementary predecessor firms to create the nation's number one minority-owned investment bank.
Mr. Rhea was also previously a senior advisor to the Boston Consulting Group and chairman and chief executive officer for New York Housing Authority (NYCHA), the largest public housing authority in North America. Earlier in his career, he was a managing director at global financial services firms Barclays Capital and JPMorgan Chase & Co. Mr. Rhea currently serves on the board of directors of Invitation Homes, an NYSE-listed single family rental housing REIT, where he chairs the Compensation and Management Development Committee and is a member of the Nominating & Corporate Governance Committee. Mr. Rhea has a long commitment to non-profit service and is a director of Red Cross Greater New York and a trustee of Wesleyan University.
"We are pleased to welcome Julio and John to our Board," said Ron O'Hanley, chairman and chief executive officer of State Street Corporation. "These leaders have a keen understanding of the challenges and opportunities facing our global client base, as well as a proven track record of delivering new and innovative solutions for growth. They have provided strategic counsel across a range of initiatives, and we look forward to the insights they will bring to our Board."
"We are delighted to welcome these two talented executives to the Board and to having their leadership and expertise in important areas for our business, including risk management, finance and corporate strategy," added Amelia Fawcett, independent lead director of State Street Corporation. "Having a Board with a wide diversity of backgrounds and experiences makes us stronger and more successful."
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 $38.8 trillion in assets under custody and/or administration and $3.5 trillion* in assets under management as of December 31, 2020, 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, 2020 includes approximately $75 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.
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