Summary
State Street Corporation (STT) has announced a significant leadership change in its accounting department through an 8-K filing dated March 31, 2026. C. Jack Read has been appointed as the new Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10, 2026. He will succeed Elizabeth M. Schaefer in this critical role overseeing the company's financial reporting and controls. Mr. Read brings a wealth of experience from prominent financial institutions, including MSCI Inc., Citizens Financial Group, MUFG Americas, and JPMorgan Chase, with a strong background in accounting, financial operations, and risk management. His compensation package includes a base salary of $450,000, a target incentive compensation of $2,100,000 for 2026, and substantial transition payments totaling $2,430,000 ($1,730,000 in deferred stock and $700,000 in cash) to offset forfeited compensation from his previous employer and facilitate his transition to State Street.
Key Highlights
- 1C. Jack Read appointed Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10, 2026.
- 2Mr. Read succeeds Elizabeth M. Schaefer in the role.
- 3Mr. Read has extensive experience at MSCI Inc., Citizens Financial Group, MUFG Americas, and JPMorgan Chase.
- 4His annual base salary will be $450,000.
- 5Target total incentive compensation for 2026 is set at $2,100,000.
- 6Mr. Read will receive one-time transition payments of $1,730,000 in deferred stock and $700,000 in cash.