State Street (STT) Taps Citizens Financial Group's Aboaf as CFO

September 28, 2016 9:06 AM EDT

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State Street Corporation (NYSE: STT) announced that Eric Aboaf will join State Street in December 2016 as executive vice president and a member of its Management Committee, the company’s senior-most policy-making and strategy group. Aboaf, age 52, will succeed Mike Bell as chief financial officer in March 2017. Mr. Bell’s departure was previously announced in March 2016. Aboaf will report to Jay Hooley, State Street’s chairman and chief executive officer.

Aboaf joins State Street from Citizens Financial Group where he was CFO with responsibility for all finance functions, including treasury, investor relations and corporate development where he spearheaded balance sheet optimization and expense efficiency. Prior to this role he was with Citigroup for 12 years, most recently as global treasurer managing the company’s balance sheet, maintaining strong liquidity levels, improving net interest margin and optimizing the company’s capital structure to conform with the new regulatory environment. Prior to that, he was CFO of Citigroup’s institutional client group, which includes their custodial services business.

“Eric has a dozen years of experience working within a global financial institution and has a strong understanding of the regulatory landscape,” said Hooley. “His wide range of finance, capital markets and expense efficiency expertise will further strengthen our finance organization and support our goal of delivering value to our shareholders.”

As CFO at State Street Aboaf will be responsible for the company’s global financial strategy and finance functions, including treasury, accounting, tax and reporting and investor relations.

Aboaf currently serves as a Board member at the New York City Urban Debate League and the New York Council for the Humanities.

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