CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On June18, 2018, Citizens Financial Group, Inc. (the “Company” or “Citizens”) appointed Jack Read as Controller and Chief Accounting Officer, effective August11, 2018. Mr.Read, who will join Citizens on July19, 2018, will replace Randall J. Black who will be leaving Citizens to pursue other interests.
Mr.Read, age 50, most recently was the Head of Operational Risk for the Americas at Mitsubishi UFJ Financial Group, Inc. (“MUFG”), a role he held since 2016. Prior to that, Mr.Read was Head of Financial Operations for the Americas and Corporate Tax Director at MUFG, serving in each of those roles for two years. Prior to joining MUFG in 2010, Mr.Read was at JP Morgan Chase, where he served as Director of Special Taxes.
Mr.Read entered into an employment agreement with the Company on June18, 2018. Mr.Read’s employment agreement provides that he will have an annual base salary of $450,000 and a variable compensation opportunity of $550,000 (which is guaranteed for the 2018 performance year). In addition, he will receive a buy-out award with an approximate value of $530,000 in consideration for awards from his previous employer that will be forfeited as a result of his resignation, which will be granted in the form of restricted stock units. Mr.Read will also be eligible to receive relocation benefits under the Company’s executive relocation policy.
Mr.Read is subject to restrictive covenants prohibiting solicitation of employees, and solicitation and interference with customers and prospective clients, in each case, for twelve months following the termination of his employment with the Company for any reason, and a confidentiality covenant of perpetual duration. The Company can terminate his employment at any time and for any reason and Mr.Read can resign upon providing 60 days written notice.
About CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG)
Citizens Financial Group, Inc. is a retail bank holding company in the United States. The Company offers a range of retail and commercial banking products and services to individuals, institutions and companies. The Company operates in two segments: Consumer Banking and Commercial Banking. The Company’s Consumer Banking serves retail customers and small businesses. The Company offers traditional banking products and services, including checking, savings, home loans, student loans, credit cards, business loans and financial management services. Its subsidiaries are Citizens Bank, N.A. (CBNA) and Citizens Bank of Pennsylvania (CBPA). Its Commercial Banking offers financial products and solutions, including loans, leases, trade financing, deposits, cash management, commercial cards, foreign exchange, interest rate risk management, corporate finance and capital markets advisory capabilities.