NEW YORK - S&P Global (NYSE: SPGI) has announced the appointment of Eric Aboaf as its new Chief Financial Officer starting in February 2025. Mr. Aboaf, who is set to become an Executive Vice President and join the Executive Leadership Team, will be responsible for the company's entire Finance function, reporting to the incoming President and CEO, Martina L. Cheung, who will begin her tenure on November 1, 2024.
Eric Aboaf arrives at S&P Global with a substantial background in financial services, having served as CFO for State Street Corporation (NYSE: NYSE:STT) for nearly eight years and as Vice Chairman since 2022. His experience spans across global financial strategy and finance functions, including treasury, accounting, tax, reporting, strategy and M&A, and investor relations. He was also in charge of State Street's Markets and Financing business. Aboaf's previous experience includes a tenure as CFO for Citizens Financial (NYSE:CFG) Group and senior financial roles at Citigroup, including Treasurer.
Martina L. Cheung, praised Aboaf's extensive experience, stating, "With a well-established record of driving sustainable growth, as well as a deep understanding of the markets and regulatory landscape in which we operate, he will help ensure we continue to deliver strong value for our shareholders in alignment with our strategy."
Douglas L. Peterson, the current President and CEO of S&P Global, also expressed confidence in Aboaf's capabilities and thanked Christopher Craig for his interim role as CFO, ensuring a smooth transition when Aboaf takes over next year.
S&P Global is known for providing data, analytics, and benchmarks to governments, businesses, and individuals, helping them to make informed decisions. The company is involved in various sectors, including credit ratings, benchmarks, analytics, and workflow solutions in the capital, commodity, and automotive markets.
This announcement is based on a press release statement.
In other recent news, State Street Corporation announced that its Vice Chairman and Chief Financial Officer, Eric Aboaf, will be leaving the firm in February 2025. This comes as the company reported its third-quarter financial results for 2024, which surpassed analyst expectations. Both earnings per share (EPS) and revenue exceeded projections, with a reported adjusted EPS of $2.26 against the forecasted $2.12, and revenue of $3.26 billion, higher than the anticipated $3.19 billion.
In addition to these developments, State Street has initiated a search for Aboaf's successor, considering both internal and external candidates. The company aims to ensure a seamless transition of responsibilities, with Aboaf committed to a smooth handover through early 2025. The firm's revenue has also seen a year-over-year increase, although specific figures were not disclosed.
State Street's resilience in a challenging economic climate has been credited to its diversified business model and ability to navigate market volatility. As of the end of September 2024, the company's assets under custody and/or administration stood at $46.8 trillion, with assets under management totaling $4.7 trillion. The company continues to maintain a significant global presence in the financial services industry, employing approximately 53,000 people worldwide and operating in over 100 markets.
InvestingPro Insights
As Eric Aboaf prepares to transition from State Street Corporation to S&P Global, it's worth examining the financial health of his current company. According to InvestingPro data, State Street Corporation boasts a market capitalization of $27.15 billion and a P/E ratio of 15.2, suggesting a relatively attractive valuation compared to the broader market.
State Street's financial performance has been solid, with the company remaining profitable over the last twelve months. This is reflected in its basic EPS (Continuing Operations) of $5.38. The company's dividend policy is particularly noteworthy, with InvestingPro Tips highlighting that State Street has maintained dividend payments for an impressive 54 consecutive years and has raised its dividend for 13 consecutive years. This demonstrates a strong commitment to shareholder returns, which Aboaf may bring to his new role at S&P Global.
However, it's important to note that State Street is currently trading near its 52-week high, with a price that is 99.77% of its 52-week peak. This strong performance is further evidenced by the company's 16.19% price total return over the past three months.
For investors seeking more comprehensive insights, InvestingPro offers additional tips and analysis on State Street Corporation. In fact, there are 5 more InvestingPro Tips available for STT, providing a deeper understanding of the company's financial position and market performance.
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