GLOBAL - Ronald O'Kelley, State Street's executive vice president and chief financial officer, is quitting the firm for "personal reasons" after seven years.
In the interim, State Street has handed O’Kelley’s duties to executive vice president Stefan Gavell.
O'Kelley said of his impending departure: I am proud to have been a part of State Street's success, and it has been a privilege to work with a team that is focused on building stockholder value by delivering exceptional service to clients around the world.
Gavell has most recently been responsible for the firm's global financial markets and securities trading infrastructure. He is also chairman of State Street’s investment committee, a position he will retain as CFO.
By Geoffrey Ho
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.