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| The president and chief executive officer of Flagstar Bancorp Inc. is stepping down.
The Troy, Mich.-based company announced today that Mark Hammond will step down as president and CEO by Jan. 29, 2010. A search for a replacement will include internal and external candidates. Hammond will remain on as vice chairman of Flagstar and subsidiary Flagstar Bank FSB. He had been president since 1995 and CEO since 2002. “I am announcing this change now to provide sufficient time for an orderly transition,” Hammond said in the statement. Hammond’s father, Flagstar Chairman Thomas J. Hammond, praised his son’s leadership over the past 22 years and noted he was integral to growing the company. In December 2008, both Hammonds had each agreed to invest $2 million following a $250 million investment by MP Thrift Investments L.P. |
