Flagstar Bank Extends CEO Otting Term to March 2028, Elevates Co-Presidents
FLG•Flagstar Bank’s board extended CEO Joseph Otting’s employment agreement through March 6, 2028, reflecting confidence after the bank’s return to profitability. The bank elevated Richard Raffetto and Lee Smith to co-presidents and co-COOs, named Bao Nguyen Chief Legal Officer and consumer banking COO, and appointed Sydney Menefee Chief Audit Executive.
1. CEO Term Extended
The board approved an extension of Joseph Otting’s employment agreement as CEO through March 6, 2028, signaling continued confidence in his leadership following the bank’s return to profitability and progress on its long-term strategic plan.
2. Co-Presidents and Co-COOs Appointed
Richard Raffetto and Lee Smith have been named co-presidents and co-chief operating officers with expanded responsibilities covering commercial lending, consumer banking, finance, human resources, information technology, and operations.
3. Legal and Audit Leadership Changes
Bao Nguyen will assume the combined roles of Chief Legal Officer and Chief Operating Officer for Consumer and Retail Banking, Peter Sullivan becomes General Counsel, and Sydney Menefee moves to Chief Audit Executive by end of June.
4. Bank Financial Metrics and Footprint
As of March 31, 2026, Flagstar reported $87.1 billion in assets, $60.7 billion in loans, $66.8 billion in deposits and $8.1 billion in equity, operating 340 branches across nine states.
