State Street Global Advisors has confirmed the planned retirement of its president and CEO, Cyrus Taraporevala. 

Taraporevala will retire from the firm in 2022, but will remain in the role until a successor is appointed. State Street said this is expected to happen in the second half of the year.

He joined State Street Global Advisors in 2016 and has held a range of senior leadership roles, including responsibility for leading the global institutional client, product and marketing teams, before being appointed to his current role in late 2017. 

Under his leadership, State Street's investment management pre-tax earnings increased by 67%. State Street Global Advisors currently has $4.1trn in assets under management, up 50% from when Taraporevala was appointed CEO in 2017. 

State Street Corporation chairman and CEO Ron O'Hanley said: "In addition to the impressive financial results, Cyrus and his team at Global Advisors have contributed significantly to State Street's overall mission to create better outcomes for the world's investors and the people they serve.

"State Street Global Advisors has significantly strengthened its strategic position, leading to strong client and financial impact. Cyrus has also been a strong voice on environmental, social and governance (ESG) issues and stewardship and has advanced Global Advisors' ESG leadership."

"Having Cyrus continue to lead State Street Global Advisors and transition responsibilities to a successor will help ensure we build on its strong momentum."