John Rhea
STATE STREETAbout John B. Rhea
Independent director at State Street Corporation since 2021; age 59. Rhea is a Partner at Centerview Partners (2020–present), with prior roles as Founder/Managing Partner of RHEAL Capital Management (2014–present), Senior Advisor at Boston Consulting Group (2014–2017), President, Corporate Finance and Capital Markets at Siebert Williams Shank (2017–2020), and Chair/CEO of the New York City Housing Authority (2009–2014). He holds a B.A. from Wesleyan University and an M.B.A. from Harvard Business School. At STT he serves on the Examining & Audit Committee and the Technology & Operations Committee and is designated an audit committee financial expert by virtue of Audit Committee membership. Rhea is an independent director under NYSE standards.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Centerview Partners LLC | Partner | 2020–present | Corporate finance and M&A advisory for large, complex organizations |
| RHEAL Capital Management, LLC | Founder & Managing Partner | 2014–present | Real estate development and investment leadership |
| Siebert Williams Shank & Co., LLC | Senior Advisor; President, Corporate Finance & Capital Markets | 2017–2020 | Strategic financing and capital markets leadership |
| Boston Consulting Group | Senior Advisor | 2014–2017 | Corporate advisory services |
| New York City Housing Authority | Chair & Chief Executive Officer | 2009–2014 | Led nation’s largest public housing authority |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Invitation Homes, Inc. (NYSE: INVH) | Director | 2015–present | Public company directorship |
| Red Cross Greater New York | Director | n/a | Non-profit governance |
| University of Detroit Jesuit School | Former Director | n/a | Non-profit governance |
| Wesleyan University | Former Director | n/a | Non-profit governance |
Board Governance
- Committee assignments and expertise: Rhea serves on the Examining & Audit Committee (10 meetings in 2024) and the Technology & Operations Committee (8 meetings in 2024); all Audit Committee members are deemed “audit committee financial experts.” He is independent.
- Attendance and engagement: The Board met 7 times in 2024; each director attended at least 75% of the Board and committee meetings on which they served.
- Independence and conflicts: The Board determined all non-management directors were independent; in its 2025 review it noted certain immaterial commercial/charitable relationships for several directors, including Rhea, with no amounts paid or received exceeding the greater of $1 million or 2% of the other entity’s revenues in 2024.
- Stock ownership/hedging: Non-management directors must hold stock equal to 8x the $100,000 annual retainer ($800,000) within 5 years; as of March 3, 2025, all non-management directors other than the newest appointee exceeded full targets. Directors are prohibited from short selling, options trading, hedging, or pledging STT stock.
Fixed Compensation
| Component | Amount/Value | Structure/Notes |
|---|---|---|
| Annual Retainer | $100,000 | Cash or STT common stock, at director’s election |
| Annual Equity Award | $195,000 | Granted in STT common stock; director grants vest immediately |
| Committee Chair Retainers | $40,000 (E&A, Risk); $35,000 (HRC, Tech & Ops); $25,000 (N&CG) | Cash or stock |
| Committee Member Retainer | $20,000 (E&A and Risk members, excluding chairs/Lead Director) | Cash or stock |
| Lead Independent Director Retainer | $130,000 | Cash or stock |
| Meeting Fees | $1,500 per meeting after the 10th Board meeting | Applies only after 10 Board meetings in the Board year |
| Deferrals | Elective deferral of retainers/equity/meeting fees | Deferred cash in notional funds; deferred stock includes dividend equivalents |
2024 actual compensation for Rhea:
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|
| John B. Rhea | $0 | $315,089 | $40,443 | $355,532 |
- Notable elections: Rhea elected to receive his annual $100,000 retainer in common stock, receiving an additional 1,548 shares valued at $120,078 on May 15, 2024 (closing price $77.57), atop the standard 2,514-share annual director grant valued at $195,011. Both director grants vest immediately.
Performance Compensation
- State Street does not provide performance-based bonuses or stock options to non-management directors. Annual equity grants vest immediately; meeting fees only apply after the 10th Board meeting; no option grants or repricings.
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Related Party Notes |
|---|---|---|
| Invitation Homes, Inc. | Director | The Board’s 2025 independence review deemed certain director-affiliated commercial/charitable relationships immaterial; none exceeded the greater of $1 million or 2% of the other entity’s revenues in 2024. |
Expertise & Qualifications
- Corporate finance, capital markets and M&A; strategic planning and transaction financing; real estate and corporate advisory experience; global business perspective. Education: B.A. (Wesleyan), M.B.A. (Harvard).
Equity Ownership
| Holder | Shares Beneficially Owned | % of Outstanding | Notes |
|---|---|---|---|
| John B. Rhea | 18,430 | <1% | Beneficial ownership as of March 3, 2025; includes immediately vesting director stock awards. |
| Director Ownership Guideline | $800,000 threshold | n/a | Directors must hold 8x annual retainer; all non-management directors other than the newest appointee exceeded full target by March 3, 2025. |
| Hedging/Pledging | Prohibited | n/a | Company policy bans hedging, pledging, and speculative trading by directors. |
Insider Trades (recent)
| Date (Filing) | Transaction | Shares | Source/Notes |
|---|---|---|---|
| May 15, 2024 (filed May 17, 2024) | Annual director stock grant | 2,514 | Grant valued at $195,011 ($77.57 close); vests immediately. |
| May 15, 2024 (filed May 17, 2024) | Retainer taken in stock | 1,548 | In lieu of cash retainer; valued at $120,078; vests immediately. |
Governance Assessment
-
Strengths: Independent director with deep corporate finance/M&A and real estate expertise; audit committee financial expert; service on Audit and Technology & Operations aligns with STT’s risk, control, and cyber/ops oversight needs. Compensation is standard for STT directors, with meaningful equity and strong ownership requirements; Rhea elected stock in lieu of cash, increasing alignment. No pledging/hedging permitted.
-
Independence and conflicts: The Board’s 2025 review affirmed independence and found only immaterial related relationships for certain directors, including Rhea; no related-person transactions requiring disclosure for Rhea.
-
Attendance/engagement: Board/committee workload is significant (7 Board meetings; 10 Audit; 8 Tech & Ops in 2024). All directors met the 75% attendance threshold.
-
Shareholder signal: Company-wide Say-on-Pay support of ~93% in 2024 suggests broad investor confidence in pay/governance frameworks.
-
RED FLAGS: None observed specific to Rhea—no related-party transactions disclosed, no hedging/pledging, no attendance issues disclosed, and director compensation is within peer-informed program parameters.