Summary
This Form 8-K filing from State Street Corporation (STT) reports on the election of two new directors to its Board of Directors on March 13, 2009. Robert S. Kaplan and Patrick de Saint-Aignan have been appointed, filling new positions on the board. The filing clarifies that their election was not due to any specific arrangements with other individuals and details their compensation structure. Investors should note that the new directors will receive standard compensation, including meeting fees, an annual retainer, and deferred stock awards. The deferred stock award will be prorated for the current 2008-2009 director compensation cycle and will be based on the closing price of State Street's common stock on the grant date. This event primarily pertains to corporate governance changes and does not involve any immediate financial performance updates or significant operational shifts.
Key Highlights
- 1State Street Corporation elected two new directors: Robert S. Kaplan and Patrick de Saint-Aignan.
- 2The new directors were elected on March 13, 2009.
- 3Their election was not based on any specific arrangements or understandings with other parties.
- 4New directors will be entitled to applicable meeting fees.
- 5New directors will receive a pro rata share of the 2008-2009 annual retainer.
- 6New directors will receive prorated deferred stock director compensation.
- 7The value of the prorated deferred stock award is tied to the closing price of State Street's common stock on the award date.