Shares of New York Community Bancorp Inc. fell sharply on Thursday after the bank announced immediate leadership changes and disclosed a “material weakness” in its accounting protocols, as well as a late-filing notice. The bank
NYCB,
+5.51%
said it had appointed Alessandro DiNello as its new chief executive, a decision that took effect immediately after Thomas Cangemi stepped down from the role.
Marshall Lux has been named presiding director of the board, effective immediately, after Hanif Dahya stepped down from that position and as a director, the company said. Shares dropped 18.3%. “It is my mandate as President and CEO, alongside our Board, to continue our transformation into a larger, more diversified commercial bank,” DiNello said in a statement. “While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees and shareholders in the long-term,” he continued. “The changes we’re making to our Board and leadership team are reflective of a new chapter that is underway.” In a filing, the company said “as part of management’s assessment of the Company’s internal controls, management identified material weaknesses in the Company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities.” It also said it was unable to file its annual report.
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NYCB,
+5.51%
said it had appointed Alessandro DiNello as its new chief executive, a decision that took effect immediately after Thomas Cangemi stepped down from the role.
Marshall Lux has been named presiding director of the board, effective immediately, after Hanif Dahya stepped down from that position and as a director, the company said. Shares dropped 18.3%. “It is my mandate as President and CEO, alongside our Board, to continue our transformation into a larger, more diversified commercial bank,” DiNello said in a statement. “While we’ve faced recent challenges, we are confident in the direction of our bank and our ability to deliver for our customers, employees and shareholders in the long-term,” he continued. “The changes we’re making to our Board and leadership team are reflective of a new chapter that is underway.” In a filing, the company said “as part of management’s assessment of the Company’s internal controls, management identified material weaknesses in the Company’s internal controls related to internal loan review, resulting from ineffective oversight, risk assessment and monitoring activities.” It also said it was unable to file its annual report.
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