secwatch / observer

8-K filed May 18, 2026 21:00 UTC ticker FLG CIK 0000910073

leadership confidence high sentiment neutral materiality 0.60

Flagstar Bank extends CEO Otting's term to March 2028; appoints Raffetto and Smith as Co-Presidents

FLAGSTAR BANK, NATIONAL ASSOCIATION

Joseph Otting's employment extended as CEO through March 6, 2028; base salary rises to $1.4M from Mar 2027.
Richard Raffetto (Chief Banking Officer) and Lee Smith (CFO) named Co-Presidents and Co-COOs, effective May 18.
Bao Nguyen becomes Chief Legal Officer and COO for Consumer & Retail Banking; Peter Sullivan named General Counsel.
Sydney Menefee will become Chief Audit Executive by end of June, reporting to Audit Committee chair and CEO.
Otting receives $10M RSU award vesting quarterly through March 2028; target bonus $2.25M for 2026, $2.5M for 2027.

item 5.02item 8.01item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Lee Smith

Co-President and Co-Chief Operating Officer

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2026-05-18
Filed: May 18, 2026 21:00 UTC

Richard Raffetto, Senior Executive Vice President and President of Commercial and Private Banking of the Bank, and Lee Smith, Senior Executive Vice President and Chief Financial Officer of the Bank, will serve as Co-Presidents and Co-Chief Operating Officers of the Bank, effective immediately.

Role change

Bao Nguyen

Chief Legal Officer and Chief Operating Officer for Consumer and Retail Banking

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2026-05-18
Filed: May 18, 2026 21:00 UTC

Bao Nguyen, Senior Executive Vice President, General Counsel and Chief of Staff of the Bank, will become the Bank’s Chief Legal Officer and remain Chief of Staff

Role change

Peter Sullivan

General Counsel

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2026-05-18
Filed: May 18, 2026 21:00 UTC

Peter Sullivan, Senior Deputy General Counsel and Chief Regulatory Counsel of the Bank, will become the Bank’s General Counsel

Role change

Joseph M. Otting

Executive Chairman and Chief Executive Officer

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2026-05-18
Successor: Richard Raffetto and Lee Smith
Filed: May 18, 2026 21:00 UTC

Joseph M. Otting, Executive Chairman, President, and Chief Executive Officer, will relinquish the title and role of President, while continuing to serve as Executive Chairman and Chief Executive Officer

Role change

Richard Raffetto

Co-President and Co-Chief Operating Officer

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2026-05-18
Filed: May 18, 2026 21:00 UTC

Richard Raffetto, Senior Executive Vice President and President of Commercial and Private Banking of the Bank, and Lee Smith, Senior Executive Vice President and Chief Financial Officer of the Bank, will serve as Co-Presidents and Co-Chief Operating Officers of the Bank, effective immediately.

Source: SEC EDGAR

accession 0000910073-26-000053

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