Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 9, 2022, State Street Corporation announced that its Board of Directors
has appointed Louis D. Maiuri (age 57) to serve as its President and head of
Institutional Services, and has appointed Eric W. Aboaf (age 57) to serve as
Vice Chairman, effective immediately. Mr. Maiuri retains his Chief Operating
Officer responsibilities, and Mr. Aboaf will continue to serve as Chief
Financial Officer and will have expanded responsibility for State Street's
Global Markets business. Ronald P. O'Hanley will continue to serve as Chairman
and Chief Executive Officer and will no longer serve as President.
Mr. Maiuri joined State Street in October 2013 and since February 2019 has
served as Executive Vice President and Chief Operating Officer. Prior to this
role, Mr. Maiuri served as Executive Vice President and head of State Street
Global Markets from June 2016 to February 2019 and head of State Street Global
Exchange from July 2015 to January 2017. From 2013 to July 2015, he led State
Street's Securities Finance division. Before joining State Street, Mr. Maiuri
served as executive vice president and deputy chief executive officer of asset
servicing at BNY Mellon, a global banking and financial services corporation,
from 2009 to 2013.
Mr. Aboaf joined State Street in December 2016 as Executive Vice President and
has served as Executive Vice President and Chief Financial Officer since
February 2017. Prior to joining State Street, Mr. Aboaf served as chief
financial officer of Citizens Financial Group, a financial services and retail
banking firm, from April 2015 to December 2016, with responsibility for all
finance functions and corporate development. From 2003 to March 2015, he served
in several senior management positions for Citigroup, a global investment
banking and financial services corporation, including as global treasurer and as
the chief financial officer of the institutional client group, which included
the custody business.
In conjunction with the above changes, State Street has eliminated the role of
Chief Executive Officer of State Street Institutional Services, held by
Francisco Aristeguieta. To promote an effective leadership transition, Mr.
Aristeguieta has agreed to serve through January 31, 2023 as a special advisor
to Mr. Maiuri, during which time Mr. Aristeguieta will receive his current base
salary. In accordance with existing plans and agreements, Mr. Aristeguieta's
outstanding deferred compensation awards will remain outstanding after his
departure and he will be eligible for formulaic benefits under the State Street
Corporation Severance Plan.
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