8-KLeadership Changes

STATE STREET CORP 8-K Report, Executive Changes (Nov 13, 2024)

Filed November 13, 2024For Securities:STTSTT-PG

Summary

State Street Corporation (STT) announced a change to its Board of Directors via an 8-K filing on November 13, 2024. The company elected Patricia Halliday as a new director, effective November 8, 2024. This appointment fills a vacancy on the board and brings new expertise to State Street's governance. Ms. Halliday's compensation will be pro-rated for the current 2024-2025 term, reflecting standard director compensation practices. This includes an annual retainer of $100,000 and a stock retainer of $195,000, with the stock award's value tied to the closing price of STT's common stock on the date of her election. She will also be entitled to the standard director compensation arrangements and an indemnification agreement, consistent with those provided to other non-employee directors.

Key Highlights

  • 1Election of Patricia Halliday as a new director to the Board of Directors, effective November 8, 2024.
  • 2Ms. Halliday's compensation will be pro-rated for the 2024-2025 term.
  • 3Annual cash retainer for directors is $100,000.
  • 4Annual stock retainer for directors is $195,000.
  • 5The value of the stock retainer will be based on the closing price of STT common stock on her election date.
  • 6Ms. Halliday will receive standard director compensation and enter into an indemnification agreement.
  • 7Details of director compensation and indemnification agreements are consistent with previously disclosed filings.

Frequently Asked Questions

Patricia Halliday has been elected as a new director to the Board of Directors of State Street Corporation, effective November 8, 2024. Her election is part of the company's governance structure and does not involve any special arrangements with other individuals for her election.

Ms. Halliday's compensation will be pro-rated for the 2024-2025 director term. She will receive an annual retainer of $100,000 and a stock retainer valued at $195,000, with the stock award's value determined by the closing price of State Street's common stock on her election date. She will also be entitled to other standard director compensation.

No, there are no unusual arrangements or understandings tied to Ms. Halliday's election. She will enter into a standard indemnification agreement, similar to those held by other non-employee directors, ensuring her protection in accordance with company policy.