01—Abstract
Summary
Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.
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 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.
02—Key points
Key Highlights
- John F. Woods appointed as new Chief Financial Officer (CFO), effective by August 25, 2025.
- Mark R. Keating will transition from interim CFO to his other existing responsibilities.
- Mr. Woods has extensive financial leadership experience, including CFO roles at Citizens Financial Group and Mitsubishi UFJ Financial Group.
- Annualized base salary for Mr. Woods will be $750,000.
- Target 2025 incentive compensation award for Mr. Woods is $6,750,000.
- Significant buy-out and transition awards totaling approximately $12.5 million in cash and stock, with staggered vesting through 2028.
- Mr. Woods' agreement includes standard executive benefits, change of control provisions, and non-compete/non-solicitation covenants.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer (CFO) for State Street Corporation?
John F. Woods has been appointed as the new CFO of State Street Corporation. His appointment is effective no later than August 25, 2025.
What is John F. Woods' relevant experience?
Mr. Woods has significant experience in financial leadership. He served as CFO and Vice Chair at Citizens Financial Group, Inc., and previously held CFO roles at MUFG Americas Holdings Corporation and leadership roles in home lending finance at JPMorgan Chase & Co.
What is the compensation package for the new CFO?
Mr. Woods will receive an annualized base salary of $750,000, with eligibility for a target 2025 incentive compensation award of $6,750,000. Additionally, he will receive a $1,000,000 transition payment and buy-out awards totaling $11,500,000 in cash and deferred stock, designed to compensate for forfeited awards from his previous employer. These equity awards vest through 2028.
What happens to the interim CFO, Mark R. Keating?
Upon Mr. Woods assuming the CFO role, Mark R. Keating will cease serving as interim CFO and will continue with his other current areas of responsibility within the company.
04—Continue