New York Community Bancorp (NYCB) Appoints Alessandro (Sandro) DiNello as CEO

February 29, 2024 4:06 PM EST

New York Community Bancorp, Inc. (NYSE: NYCB) ("NYCB" or the "Company") today announced the appointment of Alessandro (Sandro) DiNello, Executive Chairman of the Board, as President and Chief Executive Officer, effective immediately. Mr. DiNello succeeds Thomas R. Cangemi, who has stepped down as President and Chief Executive Officer after 27 years with the Company. Mr. Cangemi remains on the Board.

In addition, Marshall Lux, a financial services industry leader who has served as an independent director since 2022, has been named Presiding Director of the Board, effective immediately, following Hanif "Wally" Dahya stepping down as the Board's Presiding Director and as a director. Mr. Lux has also been named Chair of the Board's Nominating and Corporate Governance Committee.

Mr. DiNello was appointed Executive Chairman of NYCB's Board of Directors on February 6, 2024. Prior to this, Mr. DiNello served as non-executive Chairman of the Board after joining the Company following completion of the Flagstar Bank acquisition in December 2022. Before the acquisition, Mr. DiNello served as President and CEO of Flagstar, and under his leadership, the company consistently delivered solid results, underpinned by careful, thoughtful growth and industry-leading risk management. He began his career at Flagstar in 1979 and brings his more than four decades of industry, operational and leadership expertise to his new role at the helm of NYCB.

"It is my mandate as President and CEO, alongside our Board, to continue our transformation into a larger, more diversified commercial bank," said Mr. DiNello. "While we've faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees and shareholders in the long-term. The changes we're making to our Board and leadership team are reflective of a new chapter that is underway."

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