8-KLeadership ChangesExhibits & Filings

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Executive Changes (Sep 15, 2015)

Filed September 15, 2015For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) filed an 8-K report on September 15, 2015, announcing a key change to its Board of Directors. Effective October 1, 2015, Christine M. Cumming was appointed to the Board. Ms. Cumming brings a wealth of experience from her 35-year tenure at the Federal Reserve Bank of New York, where she most recently served as First Vice President and Chief Operating Officer before her retirement in June 2015. This appointment signifies an expansion of the Board, increasing its size from 12 to 13 directors. Ms. Cumming's expertise will be particularly valuable as she joins the Risk Committee. Investors can view this as a move to strengthen the company's governance and risk management capabilities with a director possessing significant regulatory and operational background in the financial sector.

Key Highlights

  • 1Citizens Financial Group, Inc. appointed Christine M. Cumming to its Board of Directors, effective October 1, 2015.
  • 2Ms. Cumming has extensive experience, having served for 35 years at the Federal Reserve Bank of New York, including as First Vice President and Chief Operating Officer.
  • 3The appointment increases the size of the Board of Directors from 12 to 13 members.
  • 4Ms. Cumming will serve on the company's Risk Committee, indicating a focus on strengthening risk oversight.
  • 5Compensation for Ms. Cumming's board service will be in accordance with the company's Non-Employee Directors Compensation Policy.
  • 6The company attached a press release dated September 15, 2015, announcing the appointment as an exhibit.

Frequently Asked Questions

Christine M. Cumming is a newly appointed member of the Citizens Financial Group, Inc. Board of Directors. She has a distinguished career spanning 35 years at the Federal Reserve Bank of New York, where she held senior leadership roles, most recently as First Vice President and Chief Operating Officer before retiring in June 2015.

The appointment of Ms. Cumming, with her significant experience at the Federal Reserve, is expected to enhance the company's governance and risk management. Her placement on the Risk Committee specifically highlights a strategic focus on strengthening oversight in this critical area.

Ms. Cumming's appointment will increase the total number of directors on the Citizens Financial Group Board from 12 to 13 members.

Yes, Ms. Cumming will receive compensation for her services as a director, which will be determined according to the Citizens Financial Group, Inc. Non-Employee Directors Compensation Policy.