Flagstar Financial announced the appointment of Lee Smith as Senior Executive Vice President and Chief Financial Officer, effective Dec. 27, 2024. The appointment follows the decision of current CFO Craig Gifford to step down to reengage in personal endeavors outside of the banking industry. Gifford will remain with the Bank through March 31, 2025, and work closely with Smith during the transition period, ensuring a seamless hand-over and continued support for the Bank's ongoing initiatives.
"For more than a decade, Lee has been an instrumental member of Flagstar's executive team. He is a proven leader with a strong track record, has the requisite experience and expertise and possesses deep knowledge of the Company. The Board of Directors and I have full faith and confidence in Lee to continue to help guide the Company in this financial leadership position," said Joseph M. Otting, Chairman, President and CEO.
Smith joined legacy Flagstar Bancorp in 2013 as Chief Operating Officer and his transition to CFO comes after serving on Flagstar's executive management team for more than a decade, most recently as President of Mortgage. He has an extensive background in accounting, finance, mortgage, private equity, and operations, spanning more than 25 years. His experience in managing large-scale transactions, optimizing financials and operations and working with regulators demonstrates a strong ability to drive financial performance, ensure compliance and lead financial operations. Additionally, his leadership in M&A deals, capital markets, and financial management positions him well to oversee financial strategies, risk mitigation, and operational efficiency at a senior financial level.
His prior roles include Partner at Matlin Patterson Global Advisers, a private investment firm. He is also a member of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1998 and has a BSc in Economics and Accountancy from Loughborough University in England.
Otting added, "I want to express our sincere appreciation to Craig for his impactful contributions over the past year. His leadership during this time has been invaluable, and we wish him all the best. As all of our stakeholders know, we have been working relentlessly to elevate Flagstar to new heights. I also recognize the personal sacrifices and time commitment required away from our personal lives for this journey. Given the substantial progress we've made as a Company, I am comfortable that this is a good time for this transition, and I am confident the momentum we've gained will only strengthen as we move forward."