Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Embattled lender NYCB announces incoming CEO Otting's base salary

Published 03/08/2024, 06:21 PM
Updated 03/08/2024, 06:26 PM
© Reuters. FILE PHOTO: A sign is pictured above a branch of the New York Community Bank in Yonkers, New York, U.S., January 31, 2024. REUTERS/Mike Segar/File Photo

(Reuters) - New York Community Bancorp (NYSE:NYCB) said on Friday incoming CEO Joseph Otting will receive an annual base salary of $1.25 million and as of March 6 received a one-time option to acquire 15 million shares of the company's common stock.

The bank named Otting, a former U.S. Comptroller of the Currency in President Donald Trump's administration, as its new CEO replacing Alessandro DiNello, effective April 1.

DiNello, the executive chairman of the bank's board, was named to the additional roles of president and CEO on Feb. 29 succeeding Thomas Cangemi, who resigned from those roles on Feb. 23.

NYCB has been under pressure since it posted a surprise fourth-quarter loss on Jan. 31, weighed down by higher provisions tied to its exposure to the beleaguered commercial real estate (CRE) sector.

On Wednesday, the lender raised $1 billion from investors including former U.S. Treasury Secretary Steven Mnuchin's Liberty Strategic Capital and had named Otting as CEO.

Along with the base salary, Otting would also be eligible to receive an annual cash bonus with a target amount of $2.25 million and a maximum of $4.50 million.

NYCB's former CEO Cangemi's total compensation in 2022 was $6.28 million.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.