Astoria Financial Corp. reorganized its senior executive ranks Wednesday and abolished its mandatory retirement age of 70, affirming that George L. Engelke Jr. would remain its chairman and chief executive.
"I was asked" by the board "if I would like to keep working, and I said, 'That's fine,' " Mr. Engelke, 68, said in an interview.
However, he has ceded the role of president to Monte N. Redman, its chief financial officer. Mr. Redman, 56, also was given the newly created role of chief operating officer.
Frank E. Fusco, 44, succeeded Mr. Redman as Astoria's CFO but will remain its treasurer.
Analysts said Mr. Redman's promotion makes him a likely candidate to be the next CEO, and Mr. Engelke said, "I wish him nothing less."
