Brian Callanan, Senior Managing Director and General Counsel at Liberty Strategic Capital (“Liberty”), was appointed to Flagstar Financial, Inc.‘s Board of Directors, effective December 16, 2024.
“I’m pleased to have Brian join our Board,” said Joseph M. Otting, Chairman, President, and CEO of Flagstar. “His proven track record and expertise in financial services, along with his strategic insights will be instrumental as we continue to execute on our transformation and long-term vision. Brian’s perspectives will provide valuable guidance, and his leadership will play a critical role in driving sustainable growth, ensuring we achieve long-term success and maximize the value we deliver to our shareholders, employees, and clients.”
Callanan is a renowned attorney in the industry with a wealth of knowledge in financial technology, regulatory compliance, and financial regulation. Callanan oversees the legal department at Liberty, is a member of the Investment Committee, and concentrates on investments in the financial industry. He was the General Counsel of the U.S. Department of the Treasury before joining Liberty, where he was in charge of 2,000 attorneys.
In his capacity as Chief General Counsel, he was instrumental in significant projects like the creation of new economic sanctions, the execution of tax reform, and economic rescue plans during COVID-19. Among his duties as Deputy General Counsel, Callanan oversaw significant litigation and provided advice on initiatives for regulatory reform. The department’s highest honor, the Alexander Hamilton Award, was given to him for his service.
This appointment is in line with the terms of the $1.05 billion equity investment made in March 2024, which stated that Liberty Strategic Capital, the primary investor, would be given two Board seats. Callanan joins the Company’s Board of Directors, which was reorganized earlier in 2024 and now consists of nine members: Marshall Lux, Milton Berlinski, Alessandro P. DiNello, Alan Frank, Jennifer Whip, Lead Independent Director Secretary Steven T. Mnuchin, Allen Puwalski, and Chairman, President, and Chief Executive Officer Joseph M. Otting.
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