---
schema_version: "secwatch.filing_event.v1"
accession: "0000910073-26-000053"
form_type: "8-K"
ticker: "FLG"
cik: "0000910073"
company_name: "FLAGSTAR BANK, NATIONAL ASSOCIATION"
filed_at: "2026-05-18T21:00:20+00:00"
generated_at: "2026-05-18T21:08:52.344910+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000910073-26-000053
- form_type: 8-K
- ticker: FLG
- cik: 0000910073
- company_name: FLAGSTAR BANK, NATIONAL ASSOCIATION
- filed_at: 2026-05-18T21:00:20+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/nycb-20260518.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000910073-26-000053
- JSON: https://secwatch.observer/filing/0000910073-26-000053.json
- Plain text: https://secwatch.observer/filing/0000910073-26-000053.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
- Executive change
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
- Executive change
  Peter Sullivan changed role as General Counsel at FLAGSTAR BANK, NATIONAL ASSOCIATION.
  - Action: became
  - Role: General Counsel
  source text: Peter Sullivan, Senior Deputy General Counsel and Chief Regulatory Counsel of the Bank, will become the Bank’s General Counsel
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
- Executive change
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/910073/000091007326000053/0000910073-26-000053-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.