Flagstar Names Michael J. Tierney President
Flagstar Bancorp (NYSE: FBC) and its wholly-owned subsidiary Flagstar Bank, FSB today announced that their Boards of Directors appointed Michael J. Tierney to serve as President of the Company and the Bank, effective immediately, and as Chief Executive Officer of each entity, effective November 1, 2012, in each case subject to receipt of regulatory non-objection. Upon becoming CEO, Mr. Tierney will also become a director of the Company and the Bank. Mr. Tierney has served as Executive Vice President and Managing Director of Personal Financial Services at Flagstar since February 2011.
Mr. Tierney will succeed Joseph P. Campanelli, who has served as Flagstar's President, Chief Executive Officer and Chairman of the Board of Directors since 2009. Mr. Campanelli will continue to serve as Flagstar's CEO and a director on the Flagstar Board until October 31, 2012, when he will resign to pursue other opportunities. Following his resignation as CEO and director, Mr. Campanelli will be available to support Flagstar in a transitional role.
"I am proud of all we have accomplished during my time as