Thomas J. Hammond is retiring as chairman of both Flagstar Bancorp Inc. and its subsidiary Flagstar Bank FSB, Troy, Mich., the latest step in the ownership shift in the company. On October 1, Mr. Hammond's son, Mark Hammond, stepped down as president and chief executive, and was replaced by Joseph P. Campanelli. Mark Hammond remains as vice chairman of the company. In a statement, Thomas Hammond said, "It has been approximately 10 months since the acquisition of Flagstar Bank by the new majority owners. The new CEO has strong banking experience and understands the decisions necessary for Flagstar to be competitive in this business environment." Flagstar's board will meet shortly to elect a new chairman.
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