State Street has promoted KK Tse, head of State Street's Investor Services business in Asia, to executive vice president, making him the first Asian employee to reach that level. In the firm's hierarchy, the EVPs slot in beneath four vice chairmen who in turn report to the president and the chairman.
Most of the executive vice presidents are in Boston or other US offices and most overseas are Americans, Tse says. State Street's objective is to globalize its top management, so I think there will be more promotions outside of the US. I think the idea is that other managers will say, 'Gee, if KK got promoted, maybe I can get promoted too.'...
