Citizens Bank John Woods, one of two “potential medium-term CEO succession candidates” identified last year, is moving to take the top financial seat at State Street in August, according to a recent announcement.
Brendan Coughlin, the Providence, Rhode Island-based Citizens’ vice chair and head of consumer banking and other potential CEO candidate, was promoted to president, the bank said Wednesday.
Coughlin and Woods were each given retention bonuses last June to stay through 2027. Coughlin’s stood at $12 million; Woods, $7 million.
Because he’s leaving before the bonus vests, Woods could be on the hook to repay Citizens $1 million, Fortune reported last year.
At State Street, Woods will take up a role last permanently occupied by Eric Aboaf, who announced he would leave the Boston-based bank in February to become CFO at credit ratings firm S&P Global. Mark Keating has since served as interim CFO at State Street. He will remain at the bank as CFO of investment services.
“[Woods’] nearly four decades of financial experience including strategic enterprise transformation, financial oversight and risk management programs will further strengthen our organization as we deliver on our long-term vision for shareholders,” State Street CEO Ron O’Hanley said in a prepared statement.
Woods will report to O’Hanley.
Prior to his eight years at Citizens, Woods spent several years as CFO of MUFG Americas and — ahead of its merger with MUFG — Union Bank. Woods also served as CFO of home lending at JPMorgan Chase, according to his LinkedIn profile.
In a note to investors Wednesday, Truist Securities analyst David Smith noted that Aboaf, like Woods after him, came to State Street from Citizens.
“I guess if you are looking for big-ish bank CFO experience and someone who is already close to the Boston area, the list of candidates isn't huge,” Smith wrote.
Citizens CEO Bruce Van Saun, for his part, credited Woods with being instrumental in shaping Citizens’ long-term financial strategy. The bank will soon initiate a formal search for the CFO’s replacement.
Woods’ departure sets up Coughlin up as a likely successor to CEO Van Saun, who at 67 has not publicly expressed a retirement timeline. He has, however, held the CEO title for 12 years.
“Brendan has a long track record of strong leadership and execution against some of our most important initiatives, and he has earned the trust and respect of our stakeholders, including the Board and our colleagues,” Van Saun said in a prepared statement. “His efforts have contributed significantly to our transformation into a top super-regional bank, and I am confident that his passion and leadership will continue to propel Citizens forward.”
Coughlin joined Citizens in 2004. He’s held several roles over the past two decades, and in 2023 was crucial in launching Citizens Private Bank. Citizens Private recently reached $8.7 billion in deposits and $5.2 billion in assets under management, according to an earnings call earlier this month.
Citizens announced in March that TD’s head of consumer banking, Matt Boss, would be taking Coughlin’s role, and Coughlin would become vice chair of consumer, private banking and wealth. Coughlin will continue to oversee these businesses, as well as enterprise data and marketing.
