Flagstar Bank extends CEO Joseph Otting's contract to 2028 and appoints new Co-Presidents to boost leadership.

Flagstar Bank has extended CEO Joseph Otting's employment agreement through March 2028, reflecting confidence in his leadership amid the bank's return to profitability. The bank also appointed Richard Raffetto and Lee Smith as Co-Presidents and Co-Chief Operating Officers with expanded roles to enhance operational and strategic functions. Additional leadership changes include Bao Nguyen as Chief Legal Officer and COO for Consumer and Retail Banking, Peter Sullivan as General Counsel, and Sydney Menefee as Chief Audit Executive. These moves aim to strengthen Flagstar's executive team and support its long-term strategic plan and growth as a regional bank.