8-K/ALeadership Changes

CITIZENS FINANCIAL GROUP INC/RI 8-K/A Report, Executive Changes (Nov 4, 2016)

Filed November 4, 2016For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

This Form 8-K/A filing by Citizens Financial Group, Inc. (CFG) provides an amendment to a previous report, specifically detailing the compensation and terms of employment for John J. Fawcett, who was appointed interim Chief Financial Officer (CFO) effective December 17, 2016. The amendment clarifies that Mr. Fawcett will receive a monthly salary of $250,000, equating to $57,692 per week, and his employment is expected to last through March 17, 2017, though it is an at-will position. Key terms of Mr. Fawcett's interim role include specific notification periods and compensation arrangements depending on whether a permanent CFO is appointed before January 1, 2017. Notably, Mr. Fawcett will not be eligible for bonuses, incentive payments, or severance. Investors should note this is an interim appointment with defined terms, aimed at ensuring continuity in financial leadership during the transition period.

Key Highlights

  • 1Appointment of John J. Fawcett as interim Chief Financial Officer (CFO) effective December 17, 2016.
  • 2Mr. Fawcett's compensation is set at a monthly salary of $250,000 ($57,692 per week).
  • 3Mr. Fawcett's interim employment is expected to conclude on March 17, 2017, and is on an at-will basis.
  • 4Specific terms are outlined regarding compensation if a permanent CFO is appointed before January 1, 2017, or if not.
  • 5Mr. Fawcett is explicitly excluded from bonus, incentive, or severance payments.
  • 6This filing serves as an amendment to provide information on Mr. Fawcett's compensation, which was not available in the original filing.
  • 7The company is ensuring financial leadership continuity during a transition phase.

Frequently Asked Questions

John J. Fawcett has been appointed as the interim Chief Financial Officer (CFO) of Citizens Financial Group, Inc., with his role commencing on December 17, 2016. This filing clarifies the terms of his interim appointment.

Mr. Fawcett will receive a monthly salary of $250,000, which equates to approximately $57,692 per week. He will not be eligible for any bonuses, incentive payments, or severance packages.

Mr. Fawcett's employment is expected to last through March 17, 2017. While his employment is at-will, specific compensation terms are tied to whether a permanent CFO is appointed before January 1, 2017.

This filing is an amendment to a previously filed Form 8-K because certain information regarding Mr. Fawcett's compensation and employment terms was not available at the time of the original filing on September 28, 2016. This amendment provides those missing details.