New York Community Bank CEO Joseph Otting to become company's chair too

By Ben Glickman

New York Community Bank (NYCB) Chief Executive Joseph Otting will become chair of the company, succeeding Alessandro DiNello, who briefly led the bank during its tumultuous period earlier this year.

The company said Tuesday that Otting would become executive chair as of the close of business June 5. The company said the added appointment would allow Otting to continue to improve operations for the bank.

DiNello will step down as non-executive chair and continue as a director and a senior advisor to the CEO.

DiNello briefly was named executive chair of NY Community Bancorp in February, shortly after the bank reported a surprise loss and warned of balance-sheet issues. He was named CEO later that month, succeeding longtime CEO Thomas Cangemi, but again became non-executive chair after the bank received more than $1 billion from a group of investors.

Otting has served as CEO since April 1.

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06-04-24 1806ET

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