8-KLeadership ChangesExhibits & Filings

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Executive Changes (Sep 16, 2024)

Filed September 16, 2024For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) announced a key leadership change via an 8-K filing on September 16, 2024. The company appointed Christopher Schnirel as its new Controller and Chief Accounting Officer, effective October 21, 2024. Mr. Schnirel brings extensive experience from his prior roles, including Senior Vice President and Assistant Controller at Huntington Bancshares Inc., where he managed significant accounting and reporting functions for over a decade. His background also includes senior accounting positions at HSBC North America and a start at PricewaterhouseCoopers LLP, positioning him to oversee critical financial operations for Citizens. This appointment is a strategic move for Citizens, bringing in a seasoned executive to a vital financial role. Mr. Schnirel's compensation package includes a $1.1 million annual salary, a buy-out award in restricted stock units to offset forfeited previous employer awards, and relocation benefits. The terms of his employment include standard restrictive covenants and a notice period for resignation. Investors should monitor how Mr. Schnirel's expertise influences the company's financial reporting and strategic financial management going forward.

Key Highlights

  • 1Citizens Financial Group (CFG) appointed Christopher Schnirel as Controller and Chief Accounting Officer, effective October 21, 2024.
  • 2Mr. Schnirel has over 12 years of experience at Huntington Bancshares Inc., most recently as Senior Vice President and Assistant Controller.
  • 3His previous experience includes senior accounting roles at HSBC North America and a tenure at PricewaterhouseCoopers LLP.
  • 4Mr. Schnirel's annual compensation is set at $1.1 million.
  • 5He will receive a buy-out award in restricted stock units to compensate for forfeited awards from his previous employer.
  • 6The appointment is effective October 21, 2024.
  • 7A press release dated September 16, 2024, was issued to announce the appointment.

Frequently Asked Questions

Christopher Schnirel has been appointed as the new Controller and Chief Accounting Officer. His appointment is effective October 21, 2024.

Mr. Schnirel, age 53, has a strong financial background, most recently serving as Senior Vice President and Assistant Controller at Huntington Bancshares Inc. for over 12 years. He also held senior accounting positions at HSBC North America and began his career at PricewaterhouseCoopers LLP.

Mr. Schnirel's employment agreement provides for a total annual compensation of $1.1 million. Additionally, he will receive a buy-out award in the form of restricted stock units to compensate for awards forfeited from his previous employer and is eligible for relocation benefits.

The Company can terminate Mr. Schnirel's employment at any time for any reason. Mr. Schnirel can resign with 90 days' written notice. He is subject to restrictive covenants prohibiting employee solicitation and interference with customers for twelve months post-termination, and a perpetual confidentiality covenant.