State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, announced today that Richard Lacaille has been appointed to the newly-created role of senior investment advisor, responsible for providing enterprise-wide leadership of the company’s Environmental, Social and Governance (ESG) solutions, services and thought leadership across all of State Street’s businesses. Lacaille joined the company’s investment management arm, State Street Global Advisors (SSGA) in 2000, and has served since 2008 as SSGA’s global Chief Investment Officer (CIO).

Ronald O’Hanley, Chairman and Chief Executive Officer of State Street Corporation, said:

“With more than two decades of leadership at State Street Global Advisors and his role as chair of State Street’s executive corporate responsibility committee, Rick is absolutely the right leader to take our firm’s ESG efforts to the next level. We believe ESG considerations drive long-term value for investors, and will only become increasingly more important as drivers of return and risk. Rick and his team have developed innovative strategies to help thousands of institutions and intermediaries world-wide and the millions of people they serve. His background, combined with his holistic view of our strategy and strong client focus, ideally positions him for this new role.”

The role of global CIO will be filled by Lori Heinel, who is currently Deputy Global Chief Investment Officer at SSGA. Heinel joined SSGA in 2014 from OppenheimerFunds, where she served as Head of Product Management and Chief Investment Strategist.

Cyrus Taraporevala, President and Chief Executive Officer of State Street Global Advisors, said:

“Lori taking the reins as global chief investment officer will bring to fruition years of succession planning. Lori is a change leader who I believe is strongly positioned to lead State Street Global Advisors’ Investments team, as we continue the investment innovation which has been a hallmark of our strategy for decades.”

According to State Street, the firm created the new senior investment advisor role as client demand for ESG servicing, guidance and investment solutions continues to increase. In his new position, Lacaille will ensure State Street’s ESG efforts and strategies are well-coordinated and optimized to serve clients’ evolving needs. Lacaille has been a leader on ESG issues at the company, serving as chair of the executive corporate responsibility committee. Lacaille recently led a new initiative at SSGA, advising portfolio companies that SSGA will begin asking them to articulate their risks, goals and strategy relating to racial and ethnic diversity, and to make relevant disclosure available to shareholders.

Lacaille said:

“Lori and I have worked closely together for the past six years and her investment expertise coupled with her exceptional client-driven perspectives, will enable her to deliver solutions to meet a diverse array of client needs. With her keen understanding of the role ESG plays in portfolios, I know she’ll continue to be a great partner to me in my expanded company-wide role as we build on the great strides we’ve made to advance the ESG conversation.”

Heinel added:

“I look forward to continuing to partner with Rick as State Street takes the next steps on its ESG journey under his leadership. In taking on the role of global chief investment officer, I’m energized by the strong team we’ve built and its well-deserved reputation for combining investment expertise with client service. I look forward to leading the charge to help our clients navigate markets in search of successful investment outcomes.”