Change in Management
On October 1, 2009, Flagstar's Board of Directors elected Joseph P. Campanelli to be President and Chief Executive Officer, replacing Mark T. Hammond. Prior to Flagstar, Campanelli worked at Sovereign Bancorp, Inc. Thomas J. Hammond founded Flagstar in 1987 and served as Chairman of the Board since 1993. Mark T. Hammond served as Vice Chairman of the Board also since 1993.
On October 2, 2012, Flagstar Bancorp announced that Campanelli is resigning as of October 31 as president and CEO of Flagstar Bancorp to pursue other interests. The Board of Directors appointed Michael Tierney president immediately and will become CEO effective October 31, 2012. Prior, Mr. Tierney served as Executive Vice President and Managing Director of Personal Financial Services at Flagstar since February 2011.
Read more about this topic: Flagstar Bank
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