TROY — Flagstar Bancorp Inc. and its wholly-owned subsidiary Flagstar Bank, FSB today announced that their Boards of Directors appointed Michael J. Tierney to serve as President of the Company and the Bank, effective immediately, and as Chief Executive Officer of each entity, effective Nov. 1 in each case subject to receipt of regulatory non-objection. Upon becoming CEO, Tierney will also become a director of the Company and the Bank. Tierney has served as Executive Vice President and Managing Director of Personal Financial Services at Flagstar since February 2011.
Tierney will succeed Joseph P. Campanelli, who has served as Flagstar’s president, chief executive officer and chairman of the board of directors since 2009. Campanelli will continue to serve as Flagstar’s CEO and a director on the Flagstar board until Oct. 31, when he will resign to pursue other opportunities. Following his resignation as CEO and director, Campanelli will be available to support Flagstar in a transitional role.
“I am proud of all we have accomplished during my time as CEO,” said Campanelli. “I believe that we have turned the corner in addressing many of Flagstar’s legacy issues and have built a solid foundation for continued growth and success. I am confident that under Mike’s leadership, Flagstar can continue building on its recent momentum and further build its reputation as a top mortgage lender and a strong Midwest community bank.”
“I would like to thank Joe for all that he has done for Flagstar,” said David Treadwell, lead independent director of the Flagstar board of directors. “As Flagstar begins its next chapter, I am confident that Mike is the person to lead us. Since joining Flagstar early last year, Mike has been an invaluable part of the Flagstar executive team. He is an established leader with strong roots in Michigan and more than 30 years of experience in retail, consumer and commercial banking. Mike has a strong grasp of the Flagstar business and our marketplace, and we believe he is the right person to lead Flagstar as we enter a new phase of growth and development with a renewed Michigan focus.”
Tierney said, “I am honored to have the opportunity to lead Flagstar through the next phase of our growth. Joe has done an exceptional job of transforming Flagstar and returning it to profitability, and I believe we are well-positioned to build on Flagstar’s industry-leading mortgage banking franchise and award-winning retail banking operations to drive value for all our stakeholders. I intend to work collaboratively with our board, management team, and talented employees to deliver diversified products and exceptional service to our customers and to generate enhanced value for our shareholders, while at the same time helping the communities we serve be better places to live and work.”
“On behalf of the entire Board, I thank Joe for his hard work and all he has helped Flagstar accomplish during a critical time for the Company,” said David Matlin, a member of the Flagstar board of directors. “Joe transformed Flagstar and led its return to profitability. We are grateful for his efforts and pleased that he will remain with us in a transitional role so that we can continue to benefit from his industry knowledge and insight. Thanks to Joe and Flagstar’s dedicated employees, I believe Flagstar is headed in the right direction and is well-positioned for continued growth and success.”
Flagstar also announced that John D. Lewis, managing director of Donnelly Penman & Partners and former vice chairman of Comerica Bank, has been appointed a director of the Company and the Bank and will serve as non-executive chairman of their boards of directors, in each case subject to receipt of regulatory non-objection. Lewis has extensive financial services expertise, having worked for 36 years at Comerica, where he was instrumental in building and expanding Comerica’s presence in Michigan. Flagstar’s board recognizes the importance of strong independent leadership on the board and believes that having a non-executive chairman is consistent with best practices in corporate governance.
Treadwell concluded, “We are delighted to have someone of John’s caliber join our board and we are confident that Flagstar will benefit from his significant industry expertise and leadership as non-executive chairman.”
Lewis commented, “I look forward to serving as chairman of Flagstar and to working with Mike and the entire board and management team as we position Flagstar for long-term success.”