01—Abstract
Summary
Summary of the 8-K filed March 31, 2026. Cited figures are marked; the original filing is the authoritative source.
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 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.
02—Key points
Key Highlights
- C. Jack Read appointed Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10, 2026.
- Mr. Read succeeds Elizabeth M. Schaefer in the role.
- Mr. Read has extensive experience at MSCI Inc., Citizens Financial Group, MUFG Americas, and JPMorgan Chase.
- His annual base salary will be $450,000.
- Target total incentive compensation for 2026 is set at $2,100,000.
- Mr. Read will receive one-time transition payments of $1,730,000 in deferred stock and $700,000 in cash.
03—Questions
Frequently Asked Questions
Who is the new Global Controller and Chief Accounting Officer at State Street?
C. Jack Read has been appointed to serve as Executive Vice President, Global Controller, and Chief Accounting Officer, effective August 10, 2026.
What is Mr. Read's compensation package?
Mr. Read's compensation includes an annualized base salary of $450,000, eligibility for discretionary incentive compensation with a target of $2,100,000 for 2026, and transition payments of $1,730,000 in deferred stock and $700,000 in cash.
What is the primary reason for the substantial transition payments?
The transition payments are designed to compensate Mr. Read for expected forfeiture and recovery of compensation previously granted by his former employer, MSCI Inc., due to his departure, and to facilitate his transition to State Street.
When does Mr. Read's appointment become effective?
Mr. Read's appointment as Executive Vice President, Global Controller, and Chief Accounting Officer is effective August 10, 2026.
04—Continue