NYCB appoints Joseph Otting as CEO; Alessandro DiNello becomes Non-Executive Chairman

FLAGSTAR BANK, NATIONAL ASSOCIATION

Joseph Otting named President and CEO effective April 1, 2024; also board member from March 11.
Otting received one-time option grant for 15M shares at $2.00 strike, vesting quarterly over 3 years.
Otting base salary $1.25M, target bonus $2.25M; employment term through March 2027.
Alessandro DiNello transitions to Non-Executive Chairman on April 1, 2024; receives option for 4M shares at $3.46 and 1.69M RSUs.
DiNello base salary $500k/month as Executive Chairman (50% cash/50% RSUs) then $450k/year as Chairman; consulting through Dec 2024.

item 5.02 item 9.01

Executive movements

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

Appointed

Joseph Otting

President and Chief Executive Officer

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2024-04-01
Filed: March 8, 2024, 6:59 PM ET

Mr. Otting became an employee of the Company as of March 6, 2024 and will assume the role of a member of the Company’s board of directors as of March 11, 2024, and President and Chief Executive Officer of the Company as of April 1, 2024.

Role change

Alessandro DiNello

Non-Executive Chairman of the Board

FLG · FLAGSTAR BANK, NATIONAL ASSOCIATION

Effective: 2024-04-01
Successor: Joseph Otting
Filed: March 8, 2024, 6:59 PM ET

pursuant to which Mr. Dinello will continue to serve as the President and Chief Executive Officer of the Company and Executive Chairman of the Company’s board of directors through April 1, 2024, at which time he will become the Non-Executive Chairman of the Board and will cease to serve as an employee or executive officer of the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph Otting was appointed as President and Chief Executive Officer at FLAGSTAR BANK, NATIONAL ASSOCIATION.

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Mr. Otting became an employee of the Company as of March 6, 2024 and will assume the role of a member of the Company’s board of directors as of March 11, 2024, and President and Chief Executive Officer of the Company as of April 1, 2024.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Alessandro DiNello changed role as Non-Executive Chairman of the Board at FLAGSTAR BANK, NATIONAL ASSOCIATION.

Action: became
Role: Non-Executive Chairman of the Board

Exact text from the filing

pursuant to which Mr. Dinello will continue to serve as the President and Chief Executive Officer of the Company and Executive Chairman of the Company’s board of directors through April 1, 2024, at which time he will become the Non-Executive Chairman of the Board and will cease to serve as an employee or executive officer of the Company.

View on SEC.gov

FLAGSTAR BANK, NATIONAL ASSOCIATION filing history →

Source: SEC EDGAR

accession 0001193125-24-063794

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