8-KLeadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Sep 1, 2017)

Filed September 1, 2017For Securities:STTSTT-PG

Summary

This 8-K filing from State Street Corporation (STT) announces the departure of its Senior Vice President, Chief Accounting Officer, and Controller, Sean P. Newth, effective August 28, 2017. Mr. Newth is leaving to join a client of the firm and will facilitate a transition of his duties over the next two months, aiming to complete this by the filing of the next quarterly report. This leadership change within a critical financial reporting function warrants investor attention as it introduces a period of transition. To ensure continuity, Elizabeth Schaefer has been appointed as the interim Chief Accounting Officer, effective September 1, 2017. Ms. Schaefer brings relevant experience from her current role as Senior Vice President and Deputy Controller, and her previous positions in SEC Reporting, Accounting Policy & Regulatory Compliance at State Street, as well as her prior experience at American Express. Investors should monitor the company's financial reporting processes and disclosures during this interim period, though Ms. Schaefer's qualifications suggest a stable hand during the transition.

Key Highlights

  • 1Sean P. Newth, SVP, Chief Accounting Officer and Controller, has resigned.
  • 2Mr. Newth's departure is effective August 28, 2017.
  • 3Mr. Newth is leaving to join a longstanding client of State Street.
  • 4A transition period is expected to last up to two months, coinciding with the next 10-Q filing (on or before November 9, 2017).
  • 5Elizabeth Schaefer appointed as interim Chief Accounting Officer, effective September 1, 2017.
  • 6Ms. Schaefer currently serves as SVP and Deputy Controller and joined State Street in December 2014.
  • 7Ms. Schaefer is a certified public accountant with prior experience at American Express.

Frequently Asked Questions

Sean P. Newth is leaving State Street to accept a position at a company that is a longstanding client of the firm.

The transition period is expected to last for the next two months, concluding around the time of State Street's next quarterly report (Form 10-Q), which is due on or before November 9, 2017.

Elizabeth Schaefer will serve as the interim Chief Accounting Officer. She is currently the Senior Vice President and Deputy Controller and has been with State Street since December 2014.

Ms. Schaefer is a certified public accountant with experience in SEC Reporting, Accounting Policy & Regulatory Compliance at State Street. She also held senior roles in the Controllership organization at American Express prior to joining State Street.