MILWAUKEE, July 25, 2019 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today announced that Patrick Sinks has been named Vice Chairman of the company and the board of directors and has relinquished his role as President and Chief Executive Officer (CEO). Sinks intends to remain with the company through January 31, 2020 and on the board through October 31, 2019. Sinks is succeeded by Timothy Mattke, formerly Executive Vice President and Chief Financial Officer, who has been appointed CEO and to the board of directors, effective immediately. Salvatore Miosi, former Executive Vice President – Business Strategies & Operations, has been appointed to the role of President and Chief Operating Officer. Nathaniel Colson, former Vice President – Finance, has been appointed to the role of Executive Vice President and Chief Financial Officer.
"I have been fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Tim has been a key contributor to our company's success since he joined us 13 years ago and is well-suited to be our next leader," said Sinks. "We have a tradition of internally developing our talent, including our CEOs, and I am delighted that we have someone of Tim's caliber, expertise and vision to lead the company. I am confident that Tim's leadership will enable our company to continue to prosper well into the future. My responsibility through January 31, 2020 will be to ensure a smooth transition for Tim and the management team that Tim has put in place."
Curt Culver, MTG's Chairman, said, "The board thanks Pat for his leadership and management of the company throughout his tenure as CEO, including developing executive talent. Pat had a long and distinguished 41-year career with the company, culminating in his appointment as CEO in 2015. The company significantly improved its return on equity (ROE) and shareholder value because of his leadership. The board's selection of Tim to succeed Pat demonstrates its confidence in Tim's leadership skills and vision for the company. We are confident Tim will continue implementing effective strategic initiatives to continue to improve ROE and maximize shareholder value."
Mattke said, "I am honored to continue to build on the strong foundation established by Pat and his predecessors. Pat's thoughtful leadership, business acumen and personal style have enabled the company to continue to be a leader in our industry. We are well-positioned for the future and our management team is as strong as it has ever been. The promotions of Sal and Nathan, each of whom is incredibly talented, speaks to the depth of our internal management team bench. I am confident that, together, we will deliver the results our shareholders, customers and co-workers expect and deserve."
Mattke has been with the company since 2006. He served as Executive Vice President and Chief Financial Officer since 2014 and as Controller from 2009-2014. Previously, Mattke held other positions within the company's accounting and finance departments. Before joining the company, Mattke was an Audit Manager with PricewaterhouseCoopers LLP. He has a BS and an MS in Accountancy from the University of Wisconsin-Madison and is a CPA.
Miosi has been with the company since 1988. He served as the Executive Vice President – Business Strategies & Operations for Mortgage Guaranty Insurance Corporation (MGIC) since 2017 and Senior Vice President - Business Strategies & Operations from 2015 to 2017. Previously, Miosi held other leadership positions across the company. He has a BBA from the University of Wisconsin – Milwaukee and an MBA from Marquette University.
Colson has been with the company since 2014. He served as Vice President– Finance since 2019 and previously as Assistant Treasurer and other positions within the company's finance and risk departments. Before joining the company, Colson was a Senior Audit Manager with PricewaterhouseCoopers LLP. He has a BS in Accounting from Marquette University and an MBA from the University of Chicago, and he is a CPA.
The principal subsidiary of MGIC Investment Corporation is Mortgage Guaranty Insurance Corporation, or MGIC (www.mgic.com), which 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, 2019 MGIC had $213.9 billion of primary insurance in force covering approximately one million mortgages.
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The forward looking statements, as well as our prospects as a whole, are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. For more information regarding these risks and uncertainties as well as certain additional risks that we face, you should refer to the Risk Factors detailed in Item 1A of our 2018 Form 10-K, and to subsequent reports filed from time to time with the SEC.
SOURCE MGIC Investment Corporation