(Reuters) – New York Community Bancorp said on Tuesday it had expanded the role of its President and CEO Joseph Otting to include the title of chairman.
The regional lender also said Alessandro DiNello will step down as the non-executive chairman of the bank, at the close of business on June 5. He will continue to serve as a director on its board and as senior adviser to the CEO.
A stock rout wiped billions off NYCB’s market value since January, roughly a year after the collapse of Silicon Valley Bank and Signature Bank ignited widespread concerns over the health of the sector.
The lender received a $1 billion lifeline in March from an investor consortium led by former U.S. Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital.
NYCB has since laid out a turnaround plan to return to profitability over the next two years and vowed to shrink its balance sheet by reducing non-core assets.
The bank has sought to settle investor jitters and revive its battered stock, which is down roughly 69% so far this year.
(Reporting by Manya Saini in Bengaluru; Editing by Anil D’Silva and Alan Barona)
Comments