State Street CFO to Depart for New Position Following Transition Period

Rhea-AI Summary

State Street (NYSE: STT) has announced that Eric Aboaf, vice chairman and chief financial officer (CFO), will be leaving the company in February 2025 to pursue a new opportunity outside of banking. State Street has initiated a formal internal and external search process for Aboaf's successor. Aboaf will remain with the company until February to ensure a smooth transition.

Ron O'Hanley, chairman and CEO of State Street, praised Aboaf's eight-year tenure, highlighting his contributions to the company's financial and business performance, strengthening of the finance function, and role in developing the strategic growth plan. Aboaf expressed gratitude for his time at State Street and confidence in the company's future success.

Positive

• CFO's planned departure allows for an orderly transition period until February 2025
• Company has initiated a formal succession plan with internal and external search
• Outgoing CFO credited with strengthening finance function and business outcomes
• Strategic growth plan developed during CFO's tenure
• Culture of expense discipline and productivity gains established

Negative

• Loss of experienced CFO who has been with the company for 8 years
• Potential disruption in financial leadership during transition period

BOSTON--(BUSINESS WIRE)-- State Street Corporation (NYSE: STT) today announced that Eric Aboaf, vice chairman and chief financial officer (CFO), has made the decision to accept a new opportunity outside of banking and is expected to leave State Street in February of 2025. State Street has commenced its succession plan with a formal internal and external search process and Aboaf will stay on and work closely with the State Street team into February to ensure an orderly transition.

“Over the course of the past eight years, Eric has continuously driven significant financial and business performance that has made a meaningful impact for State Street and I have very much enjoyed and valued our partnership,” said Ron O’Hanley, chairman and chief executive officer of State Street. “He has strengthened our finance function and business outcomes through ongoing operating model transformation and by attracting and developing an extremely talented team of finance professionals with deep expertise, which in turn has enabled better business and strategic decision making. Eric has played a key leadership role in collaboratively developing our strategic growth plan, which has been enabled by a culture of expense discipline that has driven consistent productivity gains, and in turn, significant re-investment in our business. I want to personally thank Eric for his leadership and wish him well in his new role.”

“It has been incredibly rewarding serving as CFO of a global systemically important financial institution. I am grateful for the opportunity to have worked with State Street’s impressive leadership team during my tenure,” said Aboaf. “State Street is well-positioned with its strong financial foundation and strategy for success, and I look forward to working with the team into 2025 during this transition.”

State Street also announced its third quarter 2024 results today. The news release, presentation and additional financial information can be accessed on State Street’s Investor Relations website, http://investors.statestreet.com. State Street will host a conference call to discuss the firm’s financial results and related matters at 12:00 p.m. ET today, Tuesday, October 15, 2024. The call will be open to the public.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.8 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of September 30, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2024 includes approximately $83 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of United States securities laws, including statements about our expectations regarding the departure of State Street’s vice chairman and chief financial officer. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “expect,” “intend,” “will,” “plan,” “believe,” “anticipate,” and “may,” or similar statements or variations of such terms. These statements are not guarantees of future performance, are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in our 2023 annual report on Form 10-K and our subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this news release should not be relied on as representing our expectations or beliefs as of any time subsequent to the time this news release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.

© 2024 State Street Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20241014980057/en/

Investors:

Elizabeth Lynn

+1 617 664 3477

Media:

Carolyn Cichon

+1 617 664 8672

Source: State Street Corporation

FAQ

When is Eric Aboaf leaving his position as CFO of State Street (STT)?

Eric Aboaf is expected to leave State Street (STT) in February 2025.

What is State Street (STT) doing to replace their departing CFO?

State Street (STT) has commenced a formal internal and external search process to find a successor for the CFO position.

How long has Eric Aboaf been CFO at State Street (STT)?

Eric Aboaf has served as CFO at State Street (STT) for eight years.

What achievements were highlighted during Eric Aboaf's tenure as CFO of State Street (STT)?

Eric Aboaf was credited with driving significant financial and business performance, strengthening the finance function, developing a strategic growth plan, and fostering a culture of expense discipline and productivity gains at State Street (STT).