8-K
filed May 18, 2026, 5:00 PM ET
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.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Lee Smith was appointed as Co-President and Co-Chief Operating Officer at FLAGSTAR BANK, NATIONAL ASSOCIATION.
- Action
- appointed
- Role
- Co-President and Co-Chief Operating Officer
Exact text from the filing
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.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bao Nguyen changed role as Chief Legal Officer and Chief Operating Officer for Consumer and Retail Banking at FLAGSTAR BANK, NATIONAL ASSOCIATION.
- Action
- became
- Role
- Chief Legal Officer and Chief Operating Officer for Consumer and Retail Banking
Exact text from the filing
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
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Peter Sullivan changed role as General Counsel at FLAGSTAR BANK, NATIONAL ASSOCIATION.
- Action
- became
- Role
- General Counsel
Exact text from the filing
Peter Sullivan, Senior Deputy General Counsel and Chief Regulatory Counsel of the Bank, will become the Bank’s General Counsel
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joseph M. Otting changed role as Executive Chairman and Chief Executive Officer at FLAGSTAR BANK, NATIONAL ASSOCIATION.
- Action
- relinquished
- Role
- Executive Chairman and Chief Executive Officer
Exact text from the filing
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
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard Raffetto was appointed as Co-President and Co-Chief Operating Officer at FLAGSTAR BANK, NATIONAL ASSOCIATION.
- Action
- appointed
- Role
- Co-President and Co-Chief Operating Officer
Exact text from the filing
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.
View on SEC.gov
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