Summary
State Street Corporation (STT) announced a key change in its Board of Directors with the election of Marie Chandoha, effective September 19, 2019. Ms. Chandoha's appointment is a direct addition to the board, with no prior arrangements influencing her selection. This move is significant as it brings new expertise to the governance of the financial services giant. Ms. Chandoha's compensation as a director will align with existing policies for non-employee directors, including a pro-rata share of an annual retainer and a stock retainer, as well as other standard director compensation. The specifics of her stock award will be based on the company's stock price at the time of her election. Furthermore, she will enter into an indemnification agreement, a standard practice to protect directors. Investors should note that while this is a personnel change, it does not immediately impact the company's financial statements or operational performance, as detailed in the filing.
Key Highlights
- 1Marie Chandoha elected as a new director to State Street Corporation's Board.
- 2The election is effective as of September 19, 2019.
- 3There were no pre-existing arrangements or understandings that led to Ms. Chandoha's election.
- 4Ms. Chandoha will receive pro-rata compensation, including a $90,000 annual retainer and a $195,000 stock retainer for the 2019-2020 period.
- 5Her stock award will be calculated based on State Street's closing stock price on the date of her election.
- 6Ms. Chandoha will also enter into a standard indemnification agreement with the company.
- 7The filing primarily concerns a board composition change and director compensation, with no immediate financial statement updates.