MGIC Investment Corporation (MTG) announced Curt Culver (pictured above), 62, will retire as CEO and become a non-executive chairman. Patrick Sinks (pictured below), 57, will step in to become CEO, in addition to joining the board of directors.
The same changes will be implemented at Mortgage Guaranty Insurance Corporation, MTG’s principal subsidiary since Sinks is currently president and chief operating officer of both companies.
Most recently, Sinks served as executive vice president of field operations, along with serving as senior vice president controller and chief accounting officer.
On the other side, Culver began his career in the mortgage insurance business in 1976, joining MGIC in 1982.
He went on to become president in 1999 and was CEO and president from 2000 to January 2006.
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."