James (Jim) Phalen will become vice chairman of State Street Corp.

James (Jim) Phalen. Photo courtesy of State Street.
James (Jim) Phalen. Photo courtesy of State Street.

State Street Corp., a Boston-based financial services company, said Monday that it has named James (Jim) Phalen to be its vice chairman, effective March 1.

A 21-year veteran of State Street, Phalen, age 63, has served as executive vice president and head of Global Operations and Technology since 2010, the company said in a press release.

“Jim has been instrumental in transforming and redefining our business operations and technology infrastructure to help us to stay ahead of the changes in the industry and deliver better solutions for our clients,” Joseph L. Hooley, State Street’s chairman, president, and chief executive, said in a statement. “As technology continues to set the pace, it will be even more important that we use IT to a full competitive advantage. This appointment reflects the value of Jim’s insights and contributions to our future success.”

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