CEO Curt Culver to retire and become Non-Executive Chairman effective March 1, 2015; COO Patrick Sinks elected to Board and will become CEO
MILWAUKEE, July 24, 2014 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today announced that effective March 1, 2015, Curt S. Culver, age 62, will retire as Chief Executive Officer (CEO) and become non-executive chairman. Upon Mr. Culver's retirement, Patrick Sinks, age 57, will become CEO. Sinks has also been appointed to the board of directors. The same changes will be implemented at Mortgage Guaranty Insurance Corporation (MGIC), MTG's principal subsidiary. Sinks is currently President and Chief Operating Officer (COO) of both companies.
"I have been very fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Pat has been a very important contributor to our company's success since he joined us 36 years ago," said Culver. "We have a tradition of internally developing our CEOs and I am proud that we have someone of Pat's caliber and expertise to lead us. I am confident that Pat's extensive industry knowledge, client-first approach and strategic vision will enable our company to prosper well into the future." He further added that "My charge as non-executive chairman is to ensure a smooth transition and enable Pat to focus all of his energy on running the company."
Kenneth M. Jastrow II, MTG's Lead Director, said, "The board appreciates Curt's leadership and his management of the company throughout his tenure as CEO, including developing executive talent. The board's selection of Pat shows its confidence that Pat will be an excellent leader, and along with the rest of the management team, will continue to move the organization forward."
Sinks said, "I am honored to continue to build on the strong foundation that Curt has established. His strategic vision, thoughtful leadership, business acumen and personal style have enabled MGIC to be a leader in our industry. Our company is well positioned for the future and our management team is as strong as it has ever been. I am confident that we will deliver the results our shareholders, customers and co-workers expect and deserve."
Culver began his career in the mortgage insurance business in 1976, joining MGIC in 1982. He became President in 1999 and was CEO and President from 2000 to January 2006. He has served as CEO and Chairman of the Board since January 2005.
Sinks has served as President and COO since January 2006. Previously, Sinks served as Executive Vice President – Field Operations from 2002. Sinks has also served as Senior Vice President – Controller and Chief Accounting Officer, and before that held a variety of positions within the Accounting and Finance Departments. Sinks earned his MBA from the University of Wisconsin – Milwaukee, and holds a Bachelor of Science degree in accounting from the University of Mary.
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At June 30, 2014 MGIC had $159.3 billion primary insurance in force covering approximately one million mortgages.
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SOURCE MGIC Investment Corporation