Emeryville, California-based NMI Holdings (NMIH) promoted Jay Sherwood (pictured above) to president of NMI Holdings and its subsidiary company, National Mortgage Insurance Corporation.
In addition, Glenn Farrell, a 33-year veteran of accounting and consulting firm KPMG, was named the new chief financial officer, and current President Bradley Shuster will remain the CEO of National MI and chairman of the board of NMI Holdings.
Sherwood brings over 20 years of experience in finance, securities and investments, and as a co-founder of National MI, he has held the positions of executive vice president and CFO of National MI since the company's inception.
In his new role, he will be responsible for overseeing the company’s sales, insurance operations and information technology functions.
"Jay has been a key leader in National MI’s launch and success,” Shuster said. “He helped execute our initial capital raise, assisted in taking the company public, and has done an extraordinary job leading the finance department. Jay’s promotion to president recognizes the expanded role and responsibility he is assuming. I am confident that Jay will continue to play an instrumental part in the future growth of our company.”
Meanwhile, Farrell joins National MI after serving in several leadership positions during his nearly 35-year tenure at KPMG, which included audit practice leader and partner-in-charge of the company’s Northern California business unit.