Boston-based investment bank State Street Corp. has appointed Joseph L. (Jay) Hooley as chairman, effective Jan. 1.

Hooley will take the place of Ronald E. Logue, who is retiring as a director, according to a statement. Hooley has served as CEO since March and will remain in that office.

"We are pleased to appoint Jay as chairman of State Street," said Kennett F. Burnes, State Street’s independent lead director. "Since his appointment as CEO in March, Jay has made the difficult and strategic decisions that our board believes has set State Street on course for leadership and growth."

Hooley joined State Street in 1986 and has held a number of leadership positions including head of the company’s U.S. mutual fund sales organization.