©Reuters. FILE PHOTO: A sign is pictured above a New York Community Bank branch in Yonkers, New York, U.S., January 31, 2024. REUTERS/Mike Segar/File Photo
(Reuters) – Community Bancorp of New York (NYSE:) said Friday that new CEO Joseph Otting will receive an annual base salary of $1.25 million and that as of March 6, he received a one-time option to acquire 15 million shares of the company’s common stock.
The bank named Otting, a former comptroller of the U.S. Currency during President Donald Trump’s administration, as its new CEO to replace Alessandro DiNello, effective April 1.
DiNello, executive chairman of the bank’s board of directors, was appointed to the additional roles of president and CEO on Feb. 29, succeeding Thomas Cangemi, who stepped down from those roles on Feb. 23.
NYCB has been under pressure since reporting a surprise fourth-quarter loss on Jan. 31, weighed down by higher provisions tied to its exposure to the beleaguered commercial real estate (CRE) sector.
On Wednesday, the lender raised $1 billion from investors including former U.S. Treasury Secretary Steven Mnuchin’s Liberty Strategic Capital and named Otting as CEO.
Along with the base salary, Otting would also be eligible to receive an annual cash bonus with a target amount of $2.25 million and a maximum of $4.50 million.
Former NYCB CEO Cangemi’s total compensation in 2022 was $6.28 million.