Flagstar Bancorp and its wholly-owned subsidiary Flagstar Bank, of FSB, announced that their Boards of Directors appointed Michael J. Tierney to serve as President of the company and the Bank, effective immediately, and as CEO of each entity, effective Nov. 1, in each case subject to receipt of regulatory non-objection. Upon becoming CEO, Tierney will also become a director of the company and the Bank. Tierney has served as EVPt and Managing Director of Personal Financial Services at Flagstar since February 2011. Tierney will succeed Joseph P. Campanelli, who has served as Flagstar's President, CEO and Chairman of the Board of Directors since 2009. Campanelli will continue to serve as Flagstar's CEO and a director on the Flagstar Board until Oct. 31, when he will resign to pursue other opportunities. Following his resignation as CEO and director, Campanelli will be available to support Flagstar in a transitional role. Flagstar also announced that John D. Lewis, Managing Director of Donnelly Penman & Partners and former Vice Chairman of Comerica Bank (CMA), has been appointed a director of the company and the Bank and will serve as Non-Executive Chairman of their Boards of Directors, in each case subject to receipt of regulatory non-objection. Lewis has extensive financial services expertise, having worked for 36 years at Comerica, where he was instrumental in building and expanding Comerica's presence in Michigan.
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