- Push-out Score determined
- After almost 28 years in the position
- Accolades, praise, thanks and good wishes for Ficalora
- Tom Cangemi taking over
- Ficalora said 89 words
(exechange) — Westbury, N.Y., December 28, 2020 — Joe Ficalora, chief executive of New York Community Bancorp, leaves. As announced by New York Community Bancorp Inc. in a news release and in a regulatory filing published on Monday, December 28, 2020, Joseph R. (Joe) Ficalora leaves his post as chief executive officer of the producer of multi-family loans and the parent of New York Community Bank after almost 28 years in the role, effective December 31, 2020.
It is the end of an era.
Joe Ficalora’s duties as CEO will be taken over by Thomas R. (Tom) Cangemi, currently Chief Financial Officer of New York Community Bancorp Inc.
It is a generational change as well. Tom Cangemi is about 21 years younger than Joe Ficalora.
“Following discussions with the Board”
Joe Ficalora’s departure from the CEO post is explained as follows. New York Community Bancorp said: “Mr. Cangemi succeeds Joseph R. Ficalora, who, following discussions with the Board, notified the Company on December 23, 2020 that he would retire from his President, Chief Executive Officer, and Director positions with the Company and the Bank effective December 31, 2020.”
Precise information regarding Joe Ficalora’s future plans was not immediately available.
New York Community Bancorp said: “After 55 years of service, Joseph R. Ficalora will retire from his positions with the Company and its subsidiaries, including as President, Chief Executive Officer, and Director.”
Share price decline since December 2015
The announcement follows a decline in New York Community Bancorp Inc.’s share price of 37% since December 2015.
In the position of CEO since 1993
Joe Ficalora became CEO of the Company in 1993.
Ficalora has been President and Chief Executive Officer and a Director of the Company since its inception on July 20, 1993, and President and Chief Executive Officer of the Community Bank since January 1, 1994.
On January 1, 2007, Ficalora was appointed Chairman of the Board of the Company, the Community Bank, and the former Commercial Bank, a position he held until December 21, 2010.
In addition, Ficalora previously served as President and Chief Executive Officer of the Commercial Bank since its inception on December 30, 2005 until its merger into the Community Bank on November 30, 2018.
Under Ficalora’s leadership, the Company has evolved from a mutual savings bank with seven branches in Queens and Nassau Counties to a publicly traded multi-bank holding company with 238 branch offices serving consumers and businesses throughout Metro New York, New Jersey, Florida, Ohio, and Arizona.
A graduate of Pace University with a degree in business and finance, Ficalora provides leadership to several professional banking organizations.
He currently serves as a Member Director of the Federal Home Loan Bank of New York, a member of the American Bankers Council of the American Bankers Association, a member of the American Bankers Association’s Government Relations Council Administrative Committee, a member of the American Bankers Association Federal Home Loan Bank Committee, and is a director of the New York Bankers Association, also serving as Chairman of its Metropolitan Area Division.
Ficalora also serves on the Board of Trustees of Pace University, as well as on their Investment/Pension Committee, the Boards of Directors of the New York Community Bank Foundation, the Richmond County Savings Foundation, and Pentegra Retirement Trust.
In addition, he is a member of the Board of Pentegra Services, Inc.
He is a former Director of Peter B. Cannell and Co., Inc., an investment advisory firm, and the former President and Director of the Asset Management Fund Large Cap Equity Institutional Fund, Inc.
Ficalora also is an active participant in community affairs.
He has been a member of the Board of Directors of the Queens Chamber of Commerce since 1990, and previously served on its Executive Committee.
In addition, Ficalora serves on the Boards of Directors of the Foreign Policy Association, Partnership for New York City, and Flushing Cemetery, the Board of Directors, the Executive Committee, and the Development Committee of New York-Presbyterian/Queens, the Board of Trustees, the Finance and Audit Committee, and Vice Chair of the President’s Council of the New York Hall of Science, the Advisory Council of the Queens Museum of Art, and is a Board member of Nassau County Crime Stoppers, Inc.
He is an Honorary Chairman of the Associazione Culturale Italiana Di New York and was recently bestowed the title of Commendatore (Knight) of the Italian Republic by the government of Italy.
Additionally, Ficalora is a Vietnam War veteran, serving his country with distinction in the U.S. Army on a three-year enlistment, beginning in March 1968.
Ficalora is the former Vice Chairman of the Federal Home Loan Bank of New York, a former member of the Board of Directors of the American Bankers Association, the Thrift Institutions Advisory Council of the Federal Reserve Board in Washington, and the Federal Reserve Bank of New York Thrift Institutions Advisory Panel.
He is also the former Chairman of the New York State Savings Forum for Operations Audit Control, the former Chairman of Community Bankers Association of New York State (“CBANYS”), as well as the former Chairman of CBANYS’ Auditors and Comptrollers Forum, the former Chairman of the SBLI Fund, the former Director of Computhrift Corporation, a former Trustee of the Museum of the Moving Image, and past President and Director of the MSB Fund.
In addition, he has previously served as President of the Queens Library Foundation and as Chairman of the Board and of the Administrative Committee of the Queens Borough Public Library.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Joe Ficalora’s move on a scale of 0 to 10.
exechange reached out to New York Community Bancorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 1.2021 ($).