Flagstar Bank, N.A. (NYSE: FLG) announced that its board of directors has approved a one-year extension of Joseph M. Otting's employment agreement as chief executive officer through March 6, 2028. The bank also announced several executive leadership changes effective immediately.

Richard Raffetto and Lee Smith have been named co-presidents and co-chief operating officers with expanded responsibilities. Raffetto will serve as chief banking officer, leading commercial lending, relationship banking verticals, consumer banking and private banking. Smith will remain chief financial officer while adding oversight for human resources, information technology and operations.

As part of the reorganization, Otting will relinquish the president title while continuing as executive chairman and chief executive officer. Both Raffetto and Smith will report to Otting.

The bank made additional leadership appointments. Bao Nguyen, currently general counsel and chief of staff, will become chief legal officer and chief operating officer for consumer and retail banking. Peter Sullivan will assume the role of general counsel. Sydney Menefee will transition from leading Strategic Capital & Financial Management to chief audit executive by the end of June.

"This transition is a natural next step in the long-term maturity of Flagstar and capitalizes on the depth of talent we have built across our organization," Otting stated in the announcement.

Flagstar Bank is headquartered in Hicksville, New York, and operates approximately 340 locations across nine states. As of March 31, 2026, the bank reported $87.1 billion in assets, $60.7 billion in loans, $66.8 billion in deposits and $8.1 billion in total stockholders' equity.