Summary
State Street Corporation (STT) has announced the appointment of John F. Woods as its new Chief Financial Officer (CFO), effective no later than August 25, 2025. Mr. Woods brings a wealth of experience to State Street, having previously served as CFO and Vice Chair at Citizens Financial Group, Inc., and holding various finance leadership roles at Mitsubishi UFJ Financial Group and JPMorgan Chase & Co. His extensive background in financial management and operations within large financial institutions is expected to be a significant asset to State Street. This leadership transition marks the end of Mark R. Keating's tenure as interim CFO, allowing him to focus on his other responsibilities. Mr. Woods' compensation package reflects his senior role and includes a base salary of $750,000, a target 2025 incentive compensation award of $6,750,000, and substantial transition and buy-out awards designed to compensate for forfeited compensation from his previous employer. These awards include cash payments and significant equity components in the form of deferred stock and performance-based restricted stock units, with vesting schedules extending into 2028.
Key Highlights
- 1John F. Woods appointed as new Chief Financial Officer (CFO), effective by August 25, 2025.
- 2Mark R. Keating will transition from interim CFO to his other existing responsibilities.
- 3Mr. Woods has extensive financial leadership experience, including CFO roles at Citizens Financial Group and Mitsubishi UFJ Financial Group.
- 4Annualized base salary for Mr. Woods will be $750,000.
- 5Target 2025 incentive compensation award for Mr. Woods is $6,750,000.
- 6Significant buy-out and transition awards totaling approximately $12.5 million in cash and stock, with staggered vesting through 2028.
- 7Mr. Woods' agreement includes standard executive benefits, change of control provisions, and non-compete/non-solicitation covenants.