8-KLeadership ChangesExhibits & Filings

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Executive Changes (Apr 12, 2023)

Filed April 12, 2023For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) announced a significant leadership transition in its risk management function. Richard Stein is set to assume the role of Chief Risk Officer, succeeding Malcolm Griggs who plans to retire in the first quarter of 2024. This transition will see Mr. Stein join the bank's Executive Committee and report directly to Chairman and CEO Bruce Van Saun, indicating the strategic importance placed on the Chief Risk Officer position within the organization. The appointment of Mr. Stein signals continuity and a planned succession for a critical executive role. Investors should note that this change is scheduled for the first quarter of 2024, providing ample time for a smooth handover and integration. The company has provided a press release detailing this announcement as an exhibit to the filing.

Key Highlights

  • 1Richard Stein appointed as Chief Risk Officer (CRO).
  • 2Current CRO Malcolm Griggs to retire in Q1 2024.
  • 3Mr. Stein will report directly to CEO Bruce Van Saun upon assuming the role.
  • 4The new CRO will be a member of the bank's Executive Committee.
  • 5The transition is planned for the first quarter of 2024.
  • 6A press release detailing the appointment and retirement is attached as Exhibit 99.1.

Frequently Asked Questions

Richard Stein is scheduled to assume the role of Chief Risk Officer in the first quarter of 2024.

Upon assuming the Chief Risk Officer role, Mr. Stein will report to Bruce Van Saun, Chairman and Chief Executive Officer of Citizens Financial Group.

Yes, Mr. Stein will serve on the bank's Executive Committee, indicating his integral role in senior leadership.

This is a planned succession for a key executive position, the Chief Risk Officer, ensuring continuity in risk management strategy. The direct reporting line to the CEO and membership in the Executive Committee underscore the importance of this role within Citizens Financial Group.