If Joseph Campanelli's job at Flagstar Bancorp (FBC) was to keep the Troy, Mich., company alive, Michael Tierney's task is to make it thrive.

Earlier this week, the $14.4 billion-asset company said that Campanelli would step down as its president and chief executive at the end of October. Tierney, who joined Flagstar in early 2011 to help the mortgage-heavy lender grow in traditional banking, was named president, effective immediately. He will become the chief executive on Nov. 1.

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