Reported 4 months ago
Joseph Otting, the Chief Executive Officer of New York Community Bancorp (NYCB), has been appointed as the executive chairman as part of his efforts to revamp the troubled firm. Alessandro DiNello, the previous non-executive chairman, will step down and transition to a director and senior adviser role. Otting's promotion is aimed at enhancing his authority to oversee the company's operations and strategic initiatives, particularly in restructuring the bank's balance sheet following concerns about its heavy exposure to New York commercial real estate. NYCB experienced a significant stock decline earlier in the year and received a capital infusion led by former Treasury Secretary Steven Mnuchin, with Otting assuming the CEO position. The article also highlights the challenges NYCB has faced, including a 69% stock drop this year.
Source: YAHOO