State Street (STT) hires C. Jack Read as new chief accounting officer
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
State Street Corporation is appointing C. Jack Read as Executive Vice President, Global Controller and Chief Accounting Officer, effective August 10, 2026, succeeding Elizabeth M. Schaefer. Read, age 57, brings senior finance and risk experience from MSCI Inc., Citizens Financial Group, MUFG Americas, JPMorgan Chase, Washington Mutual Bank and KPMG.
Under a letter agreement, he will receive an annualized base salary of $450,000 and be eligible for incentive compensation with a target 2026 total incentive award of $2,100,000. He will also receive one-time transition payments of deferred stock valued at $1,730,000 and cash of $700,000 to offset compensation forfeited from his prior employer.
Positive
- None.
Negative
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8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Base salary: $450,000 per year
Target 2026 incentive award: $2,100,000
Deferred stock transition payment: $1,730,000
+3 more
6 metrics
Base salary
$450,000 per year
Annualized base salary under letter agreement
Target 2026 incentive award
$2,100,000
Target total incentive compensation for 2026
Deferred stock transition payment
$1,730,000
One-time transition payment in deferred stock
Cash transition payment
$700,000
One-time transition payment in cash
Effective date
August 10, 2026
Start date as Global Controller and Chief Accounting Officer
Executive age
57
Age of C. Jack Read at appointment
Key Terms
Executive Vice President, Chief Accounting Officer, incentive compensation, deferred stock, +1 more
5 terms
Executive Vice President financial
"appointed C. Jack Read to serve as Executive Vice President, Global Controller"
An executive vice president is a high-ranking leader within a company who oversees major parts of its operations or strategies. Think of them as senior managers responsible for important areas, similar to a vice principal in a school hierarchy. Their role matters to investors because they help guide the company's success and decision-making at the top level.
Chief Accounting Officer financial
"Global Controller and Chief Accounting Officer, effective August 10, 2026"
A chief accounting officer is a senior executive responsible for overseeing a company's financial records and ensuring all accounting practices are accurate and compliant with regulations. They play a key role in preparing financial reports that help investors understand the company's financial health, much like a trusted navigator guiding a ship through complex waters. Their work ensures transparency and trust in the company's financial information.
incentive compensation financial
"eligibility for discretionary incentive compensation awards under State Street’s incentive compensation program"
deferred stock financial
"One-time payments, in the form of deferred stock ($1,730,000) and cash ($700,000)"
transition payments financial
"Transition Payments. One-time payments, in the form of deferred stock ($1,730,000) and cash ($700,000)"
FAQ
What executive leadership change did State Street (STT) announce?
State Street appointed C. Jack Read as Executive Vice President, Global Controller and Chief Accounting Officer, effective August 10, 2026. He will succeed Elizabeth M. Schaefer and brings extensive senior finance and risk management experience from MSCI, Citizens Financial Group, MUFG Americas, JPMorgan, Washington Mutual and KPMG.
What is C. Jack Read’s compensation package at State Street (STT)?
C. Jack Read will receive an annualized base salary of $450,000 plus eligibility for discretionary incentive compensation. His target 2026 total incentive compensation award is $2,100,000, reflecting the seniority of his Executive Vice President, Global Controller and Chief Accounting Officer role at State Street.
What transition payments will State Street (STT) provide to C. Jack Read?
State Street will provide one-time transition payments to C. Jack Read of $1,730,000 in deferred stock and $700,000 in cash. These payments are designed to compensate for expected forfeiture and recovery of compensation previously granted by MSCI due to his departure and for transition.
When does C. Jack Read’s new role at State Street (STT) become effective?
C. Jack Read’s appointment as Executive Vice President, Global Controller and Chief Accounting Officer at State Street becomes effective August 10, 2026. The company disclosed the appointment in an 8-K dated March 27, 2026, outlining both his background and key employment terms.
What prior experience does State Street’s new Chief Accounting Officer have?
Before joining State Street, C. Jack Read served as Managing Director, Global Controller and Chief Accounting Officer at MSCI Inc. since August 2024 and previously held senior controller and accounting roles at Citizens Financial Group, plus senior roles at MUFG Americas, JPMorgan, Washington Mutual and KPMG.