TROY, Mich. – Former Sovereign Bank executive Joseph Campanelli is leaving his position as president and CEO of Flagstar Bancorp Inc. to pursue other interests, reported Crain’s Detroit Business.
Campanelli, the former president and CEO of Sovereign Bancorp Inc., has been with Flagstar since 2009.
“I am proud of all we have accomplished during my time as CEO,” Campanelli said in prepared remarks. “I believe that we have turned the corner in addressing many of Flagstar's legacy issues and have built a solid foundation for continued growth and success.”
Michael Tierney, a longtime Michigan banker, will succeed Campanelli on Nov. 1. Upon becoming CEO of Flagstar, he will also become a director of the company and Flagstar Bank.
As of the end of the second quarter on June 30, Flagstar had $14.4 billion in assets and was the largest bank in Michigan, reported the news source.