New York Community Bancorp , Inc. (NYSE: NYSE:), a leading bank holding company, has announced significant changes to its executive team in a recent SEC filing. Craig Gifford has been appointed as Senior Executive Vice President and Chief Financial Officer, and Scott Shepherd as Senior Executive Vice President and Head of Commercial Real Estate. Both appointments took effect on April 12, 2024.
Gifford succeeds John J. Pinto, and Shepherd takes over from John T. Adams. Both predecessors ceased their roles in the company and its subsidiary, Flagstar Bank, N.A., on the day of the transition. The new executives will each receive an annual base salary of $700,000 and are eligible for an annual cash bonus of the same amount.
Additionally, Gifford and Shepherd are each expected to receive a one-time stock option grant for 3,000,000 shares of the company’s common stock. The exercise price per share will be determined on the grant date, and the options are set to vest over a three-year period, with equal installments on each anniversary of the grant.
As part of their compensation package, both executives will have access to the company’s benefit plans on par with other senior executives. The company will also cover the relocation costs for Mr. Gifford to move to the New York City metropolitan area, highlighting the firm’s investment in its leadership team.
These strategic appointments come during a time of leadership renewal for New York Community Bancorp, as it continues to position itself in the competitive banking sector. The company’s decision to bring in Gifford and Shepherd reflects its commitment to strong financial leadership and expertise in commercial real estate.
Investors and stakeholders of New York Community Bancorp will be watching closely as the new executives take the helm in their respective roles. The full details of these corporate changes are outlined in the company’s latest 8K filing with the Securities and Exchange Commission.
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