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NYCB discloses two departures from board of directors in March
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NYCB discloses two departures from board of directors in March
Mar 20, 2024 3:06 PM

March 20 (Reuters) - Two New York Community Bancorp

directors, Lawrence Savarese and David Treadwell,

resigned from the board in March, the embattled lender said in a

filing on Wednesday.

Savarese chaired the audit committee and resigned on March

14, while Treadwell chaired the risk assessment committee and

stepped down on March 19.

The resignations were not due to any disagreement with NYCB

or its management, operations, policies or practices, NYCB said

in the filing.

The lender also appointed Alan Frank to the board on Tuesday

to serve as a member and chair of the audit committee.

Frank had previously worked in Deloitte & Touche LLP for

four decades and has significant experience in mergers and

acquisitions, financial reporting matters and initial public

offerings, according to the filing.

The boardroom reshuffle is the latest in a string of

executive changes that began since NYCB came under pressure when

it reported a surprise loss and slashed its dividend in January.

Earlier this month, the bank named a former Comptroller of

the Currency Joseph Otting as its CEO - the third to take over

since the crisis began, following the resignation of Thomas

Cangemi and the brief tenure of Alessandro DiNello.

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