Summary
State Street Corporation (STT) announced a key leadership transition in its accounting department via an 8-K filing on March 22, 2024. Ian W. Appleyard, the current Executive Vice President, Global Controller and Chief Accounting Officer, will retire on June 6, 2024, as previously indicated in October 2023. This change marks the end of Mr. Appleyard's tenure and a transition to new leadership. In anticipation of Mr. Appleyard's retirement, State Street has appointed Elizabeth M. Schaefer as the new Chief Accounting Officer, effective upon his departure. Ms. Schaefer has a long-standing history with the company, serving as Senior Vice President and Deputy Controller since 2016 and previously acting as interim Chief Accounting Officer from September 2017 to May 2018. Her appointment signals continuity and internal development within the finance function, with compensation details for her new role also disclosed.
Key Highlights
- 1Ian W. Appleyard, EVP, Global Controller and Chief Accounting Officer, to retire on June 6, 2024.
- 2Elizabeth M. Schaefer appointed as Chief Accounting Officer, effective June 6, 2024.
- 3Ms. Schaefer has been with State Street since July 2016 as Senior Vice President and Deputy Controller.
- 4Ms. Schaefer previously served as interim Chief Accounting Officer from September 2017 to May 2018.
- 5Ms. Schaefer is a certified public accountant (CPA).
- 6Ms. Schaefer's new role will include a base salary of $400,000 annually.
- 7Ms. Schaefer's target incentive compensation for 2024 is set at $800,000.