Citizens Financial Group Appoints New CFO, Michael Daly
Ticker: CFG-PI · Form: 8-K · Filed: Sep 16, 2024 · CIK: 759944
| Field | Detail |
|---|---|
| Company | Citizens Financial Group Inc/Ri (CFG-PI) |
| Form Type | 8-K |
| Filed Date | Sep 16, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $1.1 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
Related Tickers: CFG
TL;DR
CFG names Michael Daly new CFO, replacing John Woods; Daly gets $600K base + big bonus + $3M equity.
AI Summary
Citizens Financial Group, Inc. announced on September 11, 2024, the appointment of Michael R. Daly as Chief Financial Officer, effective September 16, 2024. Daly will succeed John Woods, who will transition to a senior advisory role. Daly's compensation package includes a base salary of $600,000, a target annual bonus of 125% of his base salary, and equity awards valued at $3,000,000.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact investor confidence and the company's financial strategy. Michael Daly's compensation package provides insight into the company's valuation of this key executive role.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $600,000 — CFO Base Salary (Michael Daly's starting annual salary.)
- 125% — CFO Target Bonus (Michael Daly's potential annual bonus as a percentage of base salary.)
- $3,000,000 — CFO Equity Award (Value of equity awards granted to Michael Daly.)
Key Players & Entities
- Citizens Financial Group, Inc. (company) — Registrant
- Michael R. Daly (person) — Appointed Chief Financial Officer
- John Woods (person) — Departing Chief Financial Officer
- $600,000 (dollar_amount) — Michael Daly's base salary
- 125% (dollar_amount) — Michael Daly's target annual bonus percentage
- $3,000,000 (dollar_amount) — Michael Daly's equity award value
- September 11, 2024 (date) — Date of report and earliest event
- September 16, 2024 (date) — Effective date of Michael Daly's appointment
FAQ
Who is the new Chief Financial Officer of Citizens Financial Group?
Michael R. Daly has been appointed as the new Chief Financial Officer, effective September 16, 2024.
What is Michael Daly's starting base salary?
Michael Daly's base salary will be $600,000 per year.
What is the target annual bonus for the new CFO?
The target annual bonus for Michael Daly is 125% of his base salary.
What is the value of the equity awards granted to Michael Daly?
Michael Daly will receive equity awards valued at $3,000,000.
What will John Woods do after stepping down as CFO?
John Woods will transition to a senior advisory role within the company.
Filing Stats: 747 words · 3 min read · ~2 pages · Grade level 11 · Accepted 2024-09-16 16:42:02
Key Financial Figures
- $0.01 — ange on which registered Common stock, $0.01 par value per share CFG New York St
- $1.1 million — ovides for total annual compensation of $1.1 million and also provides for a buy-out award i
Filing Documents
- d890663d8k.htm (8-K) — 32KB
- d890663dex991.htm (EX-99.1) — 4KB
- 0001193125-24-219657.txt ( ) — 197KB
- cfg-20240911.xsd (EX-101.SCH) — 4KB
- cfg-20240911_def.xml (EX-101.DEF) — 13KB
- cfg-20240911_lab.xml (EX-101.LAB) — 22KB
- cfg-20240911_pre.xml (EX-101.PRE) — 14KB
- d890663d8k_htm.xml (XML) — 7KB
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Press Release of Citizens Financial Group, Inc., dated September 16, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CITIZENS FINANCIAL GROUP, INC. By: /s/ John F. Woods John F. Woods Vice Chair and Chief Financial Officer Date: September 16, 2024