LAKE SUCCESS, N.Y. — Astoria Financial Corporation, the holding company for Astoria Federal Savings and Loan Association, today announced the following executive management changes, effective immediately:
- Monte N. Redman, 56, currently Executive Vice President and Chief Financial Officer, was named President and Chief Operating Officer, a newly created position with the Company;
- Frank E. Fusco, 44, currently Senior Vice President and Treasurer, was named Executive Vice President, Treasurer and Chief Financial Officer; and
George L. Engelke, Jr., 68, currently Chairman, President and Chief Executive Officer, will retain the title Chairman and Chief Executive Officer.Identical corporate title changes were effectuated with respect to Astoria Federal.
Mr. Engelke has been employed by Astoria Federal for over 35 years, while Mr. Redman has been employed for over 30 years and Mr. Fusco for over 17 years.
The Board of Directors, at its meeting held on August 15, 2007, also acted to rescind the Company's and Astoria Federal's Executive Officer Mandatory Retirement Policy, which had previously required the retirement of any executive officer attaining 70 years of age.
Commenting on the actions, Mr. Ralph F. Palleschi, Presiding Director of the Company and Chairman of its Nominating and Corporate Governance Committee, stated, "The management changes are the result of the Board of Directors' continuing review of management succession alternatives. The rescinding of the mandatory retirement policy provides the Board with the ability to retain the strengthened management team for other than a finite term during this challenging period. The Board approached Mr. Engelke requesting that he consider remaining an active officer of the Company beyond his previously mandated retirement date, and I am pleased to report that he has agreed to do so."
