Nationstar Mortgage, also soon to be known as Mr. Cooper, is handing the keys of the company to Jay Bray.
Bray, the nonbank’s president, chief executive officer, and director, is now also the company’s chairman of the board, the company disclosed in a late Friday filing with the Securities and Exchange Commission.
Bray is replacing Wesley Edens as the head of Nationstar’s board. According to Nationstar’s SEC filing, Edens is retiring as both the chairman of the board and as a board member.
Edens is the co-founder, principal, and co-chairman of the board of the directors of Fortress Investment Group, which is the majority shareholder of Nationstar.
According to the most recent SEC filings, recapped here by Nasdaq.com, Fortress currently owns nearly 63% of Nationstar. According to Fortress’ website, the company acquired Nationstar in 2006 and took the company public in 2012.
Edens is also the co-owner of the NBA’s Milwaukee Bucks.
According to Nationstar’s SEC filing, the company’s board unanimously voted to elevate Bray to chairman, effective July 1, which coincided with Edens’ retirement.
“Bray’s additional governance responsibilities are attributable to the considerable value he has contributed to Nationstar over the past 16 years,” the company said in its SEC filing.
The company said its board believes the now-combined role of chairman and CEO “promotes unified leadership and execution of Nationstar’s strategic plan, facilitates information flow between management and the board and enables Nationstar to benefit from Bray’s significant institutional and industry knowledge and experience.”
Bray has worn many hats at Nationstar since joining the company in 2000.
Per Bray’s bio on Nationstar’s website:
Jay Bray was appointed as a member of our board in 2012 and was elected as Chairman in June 2016. Mr. Bray has also served as our Chief Executive Officer since 2012, our President since June 2015 and as our Executive Vice President and Chief Financial Officer from May 2011 to February 2012. In addition, he has served as the President of Nationstar Mortgage LLC, since July 2011, as the Chief Executive Officer of Nationstar Mortgage LLC since October 2011, as the Chief Financial Officer of Nationstar Mortgage LLC from the time he joined Nationstar in May 2000 until September 2012, as a Manager of Nationstar Mortgage LLC since October 2011, and as a Director of another subsidiary, Nationstar Capital Corporation, since March 2010.
And now he adds chairman of the board to his title-heavy business card.
“I want to congratulate Jay on being elected Chairman of Nationstar's board, on which it has been a pleasure to serve,” Edens said in a statement. “I believe Nationstar's operations are strong, and I remain optimistic about Nationstar's future.”