8-KLeadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Mar 22, 2018)

Filed March 22, 2018For Securities:STTSTT-PG

Summary

State Street Corporation (STT) has announced the appointment of Ian Appleyard as Executive Vice President, Global Controller and Chief Accounting Officer, effective around May 9, 2018. Mr. Appleyard will replace the interim Chief Accounting Officer and brings significant experience from his previous roles at Credit Suisse AG, HSBC, and JPMorgan Chase. His tenure at Credit Suisse included managing global legal entity restructuring for regulatory compliance and leading the firm's Brexit program, highlighting his expertise in complex financial and regulatory environments. Mr. Appleyard's compensation package includes a base salary of £250,000, with targeted incentive compensation awards for 2018 totaling £700,000 (annual and long-term), plus a £450,000 annual role-based allowance. Additionally, he will receive a sign-on bonus of up to £800,000 and a replacement of previously unvested awards up to $1.5 million, reflecting a significant investment in securing his expertise. This appointment is a key executive change, bringing in a seasoned financial leader to a critical control function within State Street.

Key Highlights

  • 1Ian Appleyard appointed as Executive Vice President, Global Controller and Chief Accounting Officer, effective on or about May 9, 2018.
  • 2Mr. Appleyard succeeds Elizabeth Schaefer, who served as interim Chief Accounting Officer.
  • 3Appleyard joins from Credit Suisse AG, where he held senior finance roles, including managing global legal entity restructuring and the firm's Brexit program.
  • 4His prior experience includes senior positions at HSBC and JPMorgan Chase.
  • 5Annual base salary for Mr. Appleyard is £250,000.
  • 6Targeted 2018 incentive compensation includes £350,000 for annual incentive and £350,000 for long-term incentive.
  • 7A significant sign-on compensation package includes up to £800,000 in bonus awards (cash, deferred cash, stock, deferred stock) and replacement of prior unvested awards up to $1.5 million.

Frequently Asked Questions

Ian Appleyard has been appointed as the new Executive Vice President, Global Controller and Chief Accounting Officer for State Street Corporation. He is expected to join the company around May 9, 2018.

Mr. Appleyard has extensive experience in financial services, most recently at Credit Suisse AG where he was a managing director in group finance responsible for global legal entity restructuring and the firm's Brexit program. He also held senior financial roles at HSBC and JPMorgan Chase.

Mr. Appleyard's compensation includes an annual base salary of £250,000, a £450,000 annual role-based allowance, and targeted 2018 incentive compensation of £700,000 (£350,000 annual and £350,000 long-term). He also receives a sign-on bonus of up to £800,000 and a replacement of previously unvested awards valued up to $1.5 million.

The significant sign-on compensation, including cash, deferred awards, and stock, is designed to compensate Mr. Appleyard for expected losses of incentive compensation from his previous employer and to attract him to State Street. The replacement of unvested awards further incentivizes him to join and commit to the company.