Aboaf leaving Citizens to be CFO at State Street

ERIC ABOAF, currently chief financial officer at Citizens Financial, is jumping from to State Street in Boston. Bruce Van Saun, Citizens CEO, says Aboaf has "an opportunity at State Street to substantially increase his compensation." / COURTESY CITIZENS FINANCIAL GROUP
ERIC ABOAF, currently chief financial officer at Citizens Financial, is jumping from to State Street in Boston. Bruce Van Saun, Citizens CEO, says Aboaf has "an opportunity at State Street to substantially increase his compensation." / COURTESY CITIZENS FINANCIAL GROUP

PROVIDENCE – Less than two years after Citizen Financial Group Inc. appointed him chief financial officer, Eric Aboaf is leaving to serve in the same capacity for more money at Boston-based State Street Corp.
Aboaf, who joined Citizens in April 2015, will work with the Providence-based financial institution until Dec. 16. John Fawcett, who retired and was succeeded by Aboaf last year, will come out of retirement and serve as interim CFO until a successor is found.
“I’d like to thank Eric for his contributions while at Citizens. He has developed into a very good CFO and has made important contributions in managing our balance sheet, driving efficiency initiatives and working with our businesses on their strategy,” said Bruce Van Saun, chairman and CEO of Citizens, in a statement. “He has an opportunity at State Street to substantially increase his compensation and gain new experiences at a large, global custody bank, and we wish him well.”
Aboaf’s compensation package with Citizens totaled $3.6 million last year. To compare, State Street will pay him $5.5 million in salary and incentives, compensation for his expected loss of incentives from Citizens, plus a one-time signing bonus of $3.7 million in cash, deferred stock award and performance-restricted stock units, according to a federal filing. In addition, depending on what he receives in incentive compensation from Citizens this year, State Street is guaranteeing that he will receive a bonus of $2.6 million.
State Street expects Aboaf, 52, to start working in his new role at the company no later than April. He’s succeeding Michael W. Bell, who’s stepping down, as was announced in March.
Van Saun thanked Fawcett for coming out of retirement to fill the position left by Aboaf.
“This will ensure that we maintain the strong momentum we have towards our goal of becoming a top-performing regional bank,” he said.
The company will conduct an external search for a permanent CFO, and Van Saun says he’s confident Citizens will be able to attract an top-quality candidate. The company says it currently expects to meet or exceed Bloomberg’s third-quarter consensus estimate of 48 cents per share.

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