8-KLeadership Changes

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Executive Changes (Mar 22, 2016)

Filed March 22, 2016For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) filed an 8-K on March 22, 2016, to report a key executive change. Randall J. Black has been appointed as the new Controller and Chief Accounting Officer, effective April 18, 2016, succeeding Ronald Ohsberg. Mr. Black brings extensive experience from roles at Citigroup, the Office of the Comptroller of the Currency, and MBNA America. This appointment signifies a transition in financial leadership for CFG. Investors should note Mr. Black's background, which includes significant experience in accounting and financial management within the banking sector. The company has also outlined the compensation package for Mr. Black, including base salary, variable compensation, and a buy-out award, reflecting the importance of this role and the need to attract experienced talent.

Key Highlights

  • 1Appointment of Randall J. Black as Controller and Chief Accounting Officer, effective April 18, 2016.
  • 2Ronald Ohsberg is departing from his role, with a transition period extending to April 30, 2016.
  • 3Eric Aboaf, CFO, is serving as interim Chief Accounting Officer until Mr. Black's start date.
  • 4Randall J. Black has a strong background in financial management, including roles at Citigroup, OCC, and MBNA America.
  • 5Mr. Black's employment agreement includes an annual base salary of $400,000.
  • 6He is eligible for a variable compensation opportunity of $450,000, guaranteed for the 2016 performance year.
  • 7A buy-out award valued at approximately $840,000 will be granted to Mr. Black, partially in deferred cash and RSUs.

Frequently Asked Questions

Randall J. Black has been appointed as the new Controller and Chief Accounting Officer, effective April 18, 2016.

Mr. Black's employment agreement includes an annual base salary of $400,000, a variable compensation opportunity of $450,000 (guaranteed for 2016), and a buy-out award of approximately $840,000.

Ronald Ohsberg is leaving to pursue other interests. He will remain with the company through April 30, 2016, to facilitate a smooth transition.

Eric Aboaf, the Chief Financial Officer, has assumed the responsibilities of Chief Accounting Officer on an interim basis, effective March 21, 2016, until Mr. Black joins the company.