State Street Corp.
, will give outgoing CEO Ronald Logue
a transition award of $6 million, according to an
on Tuesday. The award, payable in deferred cash, will vest and be paid to Logue on January 2, 2011, subject to Logue finishing his stint as CEO
as non-executive chairman.
In October, State Street announced that chief operating officer Jay Hooley
will take over as CEO on March 1, 2010. Logue will serve as non-executive chairman through January 1, 2011.
"This transition award recognizes Mr. Logue’s ongoing contributions in leading State Street, the importance of his continuing to perform the role of Chief Executive Officer through March 1, 2010 and his agreeing to remain as Non-Executive Chairman of the Board of Directors through January 1, 2011," the filing read.
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