Summary
State Street Corporation (STT) filed an 8-K on November 24, 2009, to report on a key executive transition and associated compensation. The most significant event disclosed is the approval of a $6 million deferred cash transition award for current CEO Ronald E. Logue. This award is contingent upon Mr. Logue's continued service as CEO through March 1, 2010, and as Non-Executive Chairman of the Board through January 1, 2011. This transition award acknowledges Mr. Logue's leadership contributions and ensures a smooth management succession. The filing also confirms that Joseph L. Hooley is slated to become the new CEO on March 1, 2010, as part of an ongoing management succession plan approved in October 2009. Investors should note that the award is designed to retain Mr. Logue's expertise during this critical leadership changeover period.
Key Highlights
- 1Ronald E. Logue, current CEO, to receive a $6 million deferred cash transition award.
- 2Award is subject to Logue completing his CEO role through March 1, 2010.
- 3Award also requires Logue to serve as Non-Executive Chairman of the Board through January 1, 2011.
- 4The transition award recognizes Logue's leadership and commitment during the succession period.
- 5Joseph L. Hooley is designated to become CEO effective March 1, 2010.
- 6The succession plan was approved by the Board of Directors in October 2009.