Just weeks following the resignation of his son as chief executive officer, Flagstar Bancorp Inc.’s chairman is retiring.
On Oct. 1, the Troy Mich.-based firm announced that Joseph P. Campanelli replaced Mark Hammond as president and CEO.
Yesterday, Flagstar announced that Hammond’s father, Thomas J. Hammond, will retire as chairman of the board. He already stepped down as a director.
Flagstar said its board expects to elect a new chairman quickly.
In Thursday’s statement, Hammond highlighted the 10 months that had elapsed since MP Thrift Investments L.P. acquired a controlling interest in Flagstar. He also endorsed Campanelli as the new CEO.
“Tom has been a tremendous part of the success of Flagstar over the years,” Campanelli said in yesterday’s news release. “His entrepreneurial vision and knowledge of the mortgage market has laid a firm foundation for our continued growth.”
