New York Community Bancorp (NYCB) has issued an update.
On March 6, 2024, Joseph Otting joined a company with a clear path to leadership, assuming the role of President and CEO by April 1, 2024, with a generous compensation package including a $1.25 million base salary, potential annual bonuses up to $4.5 million, and a significant stock option grant. Meanwhile, Alessandro DiNello will transition from his executive roles to Non-Executive Chairman, receiving a mix of cash and stock-based compensation, and may continue as a consultant after his term. Both agreements contain post-employment restrictions to protect the company’s interests.
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