Radian Group Inc. (NYSE: RDN), the Wayne, Pennsylvania-based mortgage insurance provider, announced that CEO Rick Thornberry will retire in December following nearly a decade of corporate leadership.
“Rick’s impact on Radian over the last nine years cannot be overstated,” said Howard Culang, non-executive chairman of the board. “Under his leadership, Radian evolved from a strong domestic franchise into a diversified, global company with the financial strength, talent, and strategic positioning to compete and win for years to come. The Inigo acquisition represents a defining moment in Radian’s history, and it happened because of Rick’s vision, discipline and entrepreneurial leadership. On behalf of the entire board, we are deeply grateful for his leadership and the remarkable legacy he leaves.”
The board of directors has appointed Mike Weinbach as CEO-Elect, effective June 1. Weinbach was most recently president of Mr. Cooper Group, and earlier in his career he served as CEO of consumer lending at Wells Fargo and CEO of Chase Home Lending. Weinbach will assume the role of CEO and become a board member on Aug. 13. Thornberry will serve as a strategic advisor through the end of the year.
“Selecting a CEO is one of the Board’s most important responsibilities, and we approached the process with the rigor it deserves, engaging with Russell Reynolds Associates, a global executive search and leadership advisory firm, to ensure we considered the best leadership talent available,” said Culang. “In Mike, we found someone who distinguished himself throughout the process – not only for his track record of leading large, diversified and complex businesses, but for the thoughtfulness and discipline with which he thinks about the road ahead. Radian is exceptionally well positioned, and we have full confidence that Mike is the right leader to build on that foundation.”
0 Comments