A new president and chief executive officer has been named at Flagstar Bancorp Inc.
In an announcement today, the Troy Mich.-based bank-holding company said Joseph P. Campanelli was named to both spots. In addition, the company plans to name him as a director.
Campanelli’s tenure begins immediately.
He replaces Mark Hammond, who had been president since 1995. Flagstar originally announced Hammond’s planned departure in June.
Hammond’s father, Thomas J. Hammond, is chairman of Flagstar.
Campanelli previously served as president and CEO of Sovereign Bank and parent Sovereign Bancorp Inc.
“Joe Campanelli is an established corporate leader who understands the marketplace,” the senior Hammond said in the statement.
Flagstar also disclosed that B. Brian Tauber, a member of the board of directors, is stepping down.
