Citizens Financial Group (CFG) CFO Aboaf Resigns

September 28, 2016 9:03 AM EDT

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Citizens Financial Group, Inc. (NYSE: CFG) announced that Chief Financial Officer Eric Aboaf is departing to become CFO of State Street Corporation. Aboaf has been CFO since April 2015, and will work through his notice period until Dec. 16, 2016. Former Citizens Financial Group CFO John Fawcett, who retired in April 2015 after the Citizens initial public offering, will come out of retirement and serve as interim CFO, subject to regulatory approval, post Aboaf’s departure until a successor has been found.

Chairman and CEO Bruce Van Saun commented, “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. 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.”

Van Saun continued, “I am deeply grateful that John Fawcett has agreed to come out of retirement and become CFO on an interim basis. This will ensure that we maintain the strong momentum we have towards our goal of becoming a top-performing regional bank. We will conduct a thorough external search for the permanent CFO, and I am confident in our ability to attract top quality.”

Citizens also affirms that it is having a strong quarter and currently expects to meet or exceed Bloomberg third quarter consensus estimates of $0.48 per share.

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