Nine senior executives hired to strengthen business operations
Flagstar Bank, the parent company of wholesale lender Flagstar Mortgage, has overhauled its executive leadership team.
The bank has brought on nine new executives across various departments, including commercial and private banking, credit, regulatory governance, and risk management.
“Driving progress, growth, and long-term stakeholder value requires a vision and the right leadership team to execute against that plan,” said Joseph Otting, Flagstar chairman, president, and CEO. “Welcoming these new senior leaders, who possess specialized and unique skill sets, underscores our commitment to excellence and the strategic transformation currently underway.”
Otting added that the newly appointed executives bring a wealth of experience from top financial institutions, including Bank of America, U.S. Bank, and Citibank.
“Their collective wealth of experience will be instrumental in enhancing our focus on exceptional service, operational efficiency, and positioning the company for sustainable growth,” he said in a Press release.
New leadership
Richard Raffetto has been named senior executive vice president and president of commercial and private banking. Raffetto brings over 30 years of banking experience, most recently serving as president and director of City National Bank, the US commercial and private banking subsidiary of Royal Bank of Canada.
Kris Gagnon joins as senior executive vice president and chief credit officer, with more than 35 years of banking leadership experience. Gagnon previously held senior roles at Bank of America and served as chief credit officer at Banc of California and CIT Bank
Adam Feit, appointed as executive vice president and head of specialized industries banking and capital markets, brings over 20 years of experience in global corporate and investment banking. Feit will report to Richard Raffetto.
William Fitzgerald will assume the role of executive vice president and head of workout-commercial. Fitzgerald has over 30 years of experience in commercial real estate and financial restructuring, most recently serving at First Citizens Bank.
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Don Howard has been named executive vice president, director of regulatory governance, risk and controls. Howard has over 30 years of experience, including senior roles at Citibank, USAA, and S&P Global.
Sydney Menefee joins as executive vice president, senior director of strategic financial and capital management, bringing over 20 years of expertise in bank regulation, accounting, and financial reporting. Menefee will report to chief financial officer Craig Gifford.
Robert Phelps has been appointed executive vice president, special advisor to the CEO. Phelps, a former OCC executive, will support the enhancement of Flagstar’s IT capabilities.
Bryan Hubbard takes on the role of senior vice president, senior regulatory program manager, bringing extensive experience in strategic communication and regulatory affairs from his tenure at the OCC.
Tom Lyons joined as senior vice president, director of finance business risk and controls. Lyons has 30 years of experience in finance, risk, IT, operations and compliance.
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