Citizens Financial Group CFO Eric Aboaf is leaving to take the position of CFO at State Street. Former CFO John Fawcett will come out of retirement to serve as interim CFO.

Aboaf has been CFO since April 2015 and will work until December 16, 2016. Fawcett, who retired in April 2015 after the Citizens initial public offering, will come out of retirement and serve as interim CFO, subject to regulatory approval, until a successor has been found.

Chairman and CEO Bruce Van Saun said, “I’d like to thank Eric for his contributions while at Citizens. He has developed into a very good CFO and has made important contributions in managing our balance sheet, driving efficiency initiatives and working with our businesses on their strategy. He has an opportunity at State Street to substantially increase his compensation and gain new experiences at a large, global custody bank, and we wish him well.

“I am deeply grateful that John Fawcett has agreed to come out of retirement and become CFO on an interim basis. This will ensure that we maintain the strong momentum we have towards our goal of becoming a top-performing regional bank. We will conduct a thorough external search for the permanent CFO.”