State Street Corporation (NYSE:STT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 22, 2018 State Street Corporation announced it had appointed Ian Appleyard as Executive Vice President, Global Controller and Chief Accounting Officer. The appointment is effective when Mr. Appleyard, age 53, joins State Street, which is expected to be on or about May 9, 2018. He will succeed Elizabeth Schaefer, who, as previously reported, is presently serving as Chief Accounting Officer on an interim basis.
Mr. Appleyard will join State Street from Credit Suisse AG, a leading multinational financial services company that he joined in 2008. Since May 2013 Mr. Appleyard has served as managing director in group finance, responsible for leading legal entity restructuring globally to meet regulatory requirements as well as the firm’s Brexit program. Prior to this role, Mr. Appleyard was the senior financial officer for the global investment banking division. Prior to Credit Suisse, Mr. Appleyard held senior positions at HSBC and JPMorgan.
In connection with his employment with State Street, on February 5, 2018, Mr. Appleyard entered into a letter agreement with State Street. A summary of the material terms of that agreement follows (all amounts approximate):
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Base Salary, 2018 Incentive Compensation and Role-Based Allowance. Mr. Appleyard will receive an annualized base salary of £250,000 and eligibility for discretionary incentive compensation awards under State Street’s incentive compensation program for 2018, payable in the first quarter of 2019. The agreement provides for a targeted 2018 annual incentive compensation award of £350,000 and a targeted 2018 long-term incentive compensation award of £350,000. In addition, Mr. Appleyard will also be entitled each year to an annualized role-based allowance in a gross amount equal to £450,000 in recognition of the particular duties and responsibilities of his role. |
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Sign-On Compensation. Mr. Appleyard is entitled to a guaranteed one-time bonus award of up to £800,000 for the period ending December 31 2017, designed to compensate for the expected loss of 2017 incentive compensation from Mr. Appleyard’s now-current employer, consisting of up to the following (subject to applicable regulatory requirements): (1) £160,000 in cash; (2) £240,000 in deferred cash (ratable, five-year annual vesting schedule); (3) £160,000 in the form of a non-deferred award of State Street common stock; and (4) £240,000 in the form of a deferred stock award (ratable, five-year annual vesting schedule). In addition, State Street will replace previously granted unvested deferred stock and deferred cash awards from his now-current employer up to a maximum combined amount of $1.5 million. |
About State Street Corporation (NYSE:STT)
State Street Corporation, the parent company, is a financial holding company. The parent company provides financial and managerial support to its legal and operating subsidiaries. The Company, through its subsidiary, State Street Bank, provides a range of financial services and products to institutional investors across the world. Its clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. It has approximately two lines of business: Investment Servicing and Investment Management. Its Investment Servicing line of business performs core custody and related value-added functions, such as providing institutional investors with clearing, payment and settlement services. Its Investment Management services through State Street Global Advisors (SSGA). SSGA provides a range of investment management, investment research and investment advisory services.
