STATE STREET CORP 8-K

What Happened

• State Street Corporation announced on March 27, 2026 (filed via Form 8-K on March 31, 2026) that C. Jack Read, age 57, will join as Executive Vice President, Global Controller and Chief Accounting Officer effective August 10, 2026, succeeding Elizabeth M. Schaefer. Mr. Read signed a letter agreement with State Street on March 27, 2026.

Key Details

• Effective date: August 10, 2026.
• Compensation: annualized base salary of $450,000 and eligibility for discretionary incentive awards; target 2026 total incentive compensation award of $2,100,000.
• Transition payments: one-time deferred stock of $1,730,000 plus $700,000 in cash to compensate for expected forfeiture/recovery of prior MSCI awards and for transition.
• Background: since Aug 2024 Mr. Read was Managing Director, Global Controller & CAO at MSCI; from Aug 2018–Aug 2024 he was EVP, Controller & CAO at Citizens Financial Group; earlier roles at MUFG Americas, JPMorgan Chase, Washington Mutual Bank, and KPMG.

Why It Matters

• This is a senior accounting leadership change: the Global Controller/Chief Accounting Officer oversees accounting policies, internal controls and financial reporting — areas important to investors reviewing earnings and SEC filings.
• The disclosed pay structure and sizable one-time transition payments are intended to offset forfeited awards from his prior employer and are notable for governance and executive-compensation transparency.
• Investors should view this as a management succession item affecting the company’s finance leadership; the filing does not report any restatements, financial impacts beyond the disclosed compensation, or other operational changes.