State Street Names C. Jack Read as New Chief Accounting Officer
State Street Corporation (NYSE: STT) announced the appointment of C. Jack Read as Executive Vice President, Global Controller and Chief Accounting Officer, effective August 10, 2026. Read will succeed Elizabeth M. Schaefer in the role, bringing extensive financial services experience from MSCI and Citizens Financial Group.
The Change
The $3.5 trillion custody bank has tapped C. Jack Read, 57, to lead its global accounting operations starting in August. Read currently serves as Managing Director, Global Controller and Chief Accounting Officer at MSCI Inc., a position he has held since August 2024. His appointment comes with a substantial compensation package totaling $2.55 million in first-year compensation, including a $450,000 base salary and $2.1 million in target incentive compensation.
The transition includes significant one-time payments designed to offset compensation Read will forfeit by leaving MSCI. State Street will provide $1.73 million in deferred stock and $700,000 in cash to compensate for expected forfeitures and support his transition to the new role. This brings his total first-year package to approximately $4.98 million when including the transition payments.
Read will report directly to State Street's executive leadership team and oversee the company's global accounting functions, financial reporting, and internal controls. His August start date allows for a measured transition period as the company continues to navigate an evolving regulatory environment and expanding digital asset services business.
Background
Read brings over three decades of financial services experience to State Street, with a career spanning major financial institutions and professional services. Before joining MSCI in 2024, he served as Executive Vice President, Controller and Chief Accounting Officer at Citizens Financial Group from August 2018 to August 2024. During his six-year tenure at Citizens, he helped guide the Rhode Island-based bank through significant growth, including multiple acquisitions and the expansion of its capital markets business.
His earlier career includes senior risk management, financial operations, and tax roles at MUFG Americas, JPMorgan Chase, and Washington Mutual Bank. Read also spent time as a tax advisory partner at KPMG, one of the Big Four accounting firms, where he developed expertise in financial services taxation and regulatory compliance.
This diverse background positions Read well for State Street's complex global operations. The company operates in more than 100 geographic markets and serves institutional investors worldwide with custody, fund accounting, and investment management services. State Street's role as a systemically important financial institution requires sophisticated accounting and control functions to meet regulatory requirements across multiple jurisdictions.
The appointment comes at a time when State Street has been investing heavily in technology and digital transformation initiatives. The company has been modernizing its platforms and expanding into digital asset custody services, areas that require careful accounting treatment and robust control frameworks.
What It Means
Read's appointment signals continuity in State Street's financial leadership structure while bringing fresh perspective from outside the organization. His recent experience at MSCI, a leading provider of investment decision support tools, provides relevant insight into the data and analytics capabilities increasingly important to State Street's institutional clients.
The compensation structure reveals State Street's commitment to attracting top talent in critical control functions. The $2.43 million in transition payments represents a significant investment to secure Read's services and ensure he isn't financially disadvantaged by leaving his current position. This level of compensation for a chief accounting officer role reflects the increasing complexity and importance of financial reporting in the current regulatory environment.
For investors, the appointment maintains stability in a crucial oversight role. Chief accounting officers play a vital role in ensuring accurate financial reporting, maintaining internal controls, and managing relationships with external auditors and regulators. Read's extensive experience across multiple large financial institutions suggests he can handle the complexities of State Street's global operations and $41.8 billion in annual revenue.
The timing of the transition, with Read starting in August 2026, allows for an orderly handover from Elizabeth M. Schaefer. This extended transition period should minimize disruption to ongoing financial reporting processes and major projects. State Street has not disclosed the reasons for Schaefer's departure or her next destination.
Read joins State Street during a period of strategic evolution as the company balances traditional custody services with investments in next-generation capabilities. His experience at Citizens Financial Group, which underwent its own digital transformation during his tenure, may prove valuable as State Street continues to modernize its technology infrastructure and expand its digital asset offerings.
The appointment also reflects broader trends in financial services talent management, where companies are increasingly willing to pay premium packages to secure experienced executives with proven track records at peer institutions. Read's combination of Big Four accounting firm experience and senior roles at multiple banks provides the technical expertise and industry knowledge State Street requires for this critical position.
*Source: State Street Corporation Form 8-K filed with the Securities and Exchange Commission on March 31, 2026*
*By StockCliff Research*