Summary
State Street Corporation (STT) filed an 8-K on October 28, 2014, announcing a significant change in its accounting leadership. The company appointed Sean P. Newth as its new Chief Accounting Officer and Controller, effective immediately on October 23, 2014. This appointment marks a transition in financial oversight, as Michael W. Bell, the current Executive Vice President and Chief Financial Officer, will be stepping down from the Chief Accounting Officer role. Investors should note this change in key financial personnel as it can impact financial reporting and internal controls.
Key Highlights
- 1Appointment of Sean P. Newth as Chief Accounting Officer and Controller, effective October 23, 2014.
- 2Michael W. Bell, Executive Vice President and Chief Financial Officer, will no longer serve as Chief Accounting Officer.
- 3Sean P. Newth brings extensive experience from within State Street and prior roles at KPMG.
- 4Mr. Newth has held various senior accounting positions at State Street since 2005, including Deputy Controller.
- 5The change in accounting leadership is effective immediately.
- 6This filing signifies a transition in key financial reporting responsibilities within the company.
Frequently Asked Questions
Sean P. Newth has been appointed as the new Chief Accounting Officer and Controller, effective October 23, 2014.
With the appointment of Mr. Newth, Michael W. Bell, who is the Executive Vice President and Chief Financial Officer, will cease serving in the role of Chief Accounting Officer.
Sean P. Newth, age 39, has been with State Street since April 2014 as Senior Vice President and Deputy Controller. Prior to that, he spent from 2005 to 2014 in State Street's Corporate Accounting Department, including as Director of Global Accounting Policy. Before joining State Street, he held roles at KPMG from 1997 to 2005 in transaction services, accounting advisory, and assurance.
The appointment of Sean P. Newth as Chief Accounting Officer and Controller is effective immediately, as of October 23, 2014.