William S. Edgerly

William S. Edgerly was Chairman Emeritus of State Street Corporation after serving as its CEO for many years. Edgerly became CEO in 1975 and made an immediate effect when he brought in new managers. At that time, the bank had four major lines of business: commercial banking, financial services, investment management, and regional banking. Instead of continuing on its present path, Edgerly decided State Street should move away from its traditional commercial role and, rather than expand its branches, shut them down to concentrate on building up its business in investments, trusts, and securities processing. At the same time, Edgerly recognized that State Street needed to develop its technology if it was going to create a niche for itself with its data processing and telecommunications abilities. So the company began investing in a big way--an estimated 25 percent of its operating costs--in technology. Edgerly, who retired as CEO in 1992, brought the stately Boston bank into the high-tech age, finding his inspiration in IBM and its emphasis on research and development.