Radian Group CEO S.A. Ibrahim announced last year that he would retire this year, and now he is stepping down on a high note.
However, his previous announcement stated he planned to retire in December 2017, however, after finding the right candidate for his replacement, Ibrahim moved up his retirement to the day before the new CEO takes over, March 5, 2017, Radian told HousingWire. But while he is retiring, Ibrahim will remain close by as a consultant for the company for the next 12 months.
Radian explained the retiring CEO plans to spend more time with his family, travel and even start a charity foundation.
Throughout the year, Radian, which provides private mortgage insurance, risk management products and real estate services to financial institutions, reported higher-than expected earnings and tremendous mortgage insurance growth.
For the year as a whole, Radian posted a new record for mortgage insurance written. But now, Ibrahim will pass the reigns off to 58-year-old Richard Thornberry [pictured right] on March 6, 2017.
Thornberry will serve not only as the company’s CEO, but also as a member of the company’s board of directors. Previously, he served as chairman and CEO of NexSpring Group, a provider of mortgage industry advisory and technology services.
Before that, Thronberry served as president and chief operating officer of Citicorp Mortgage. Earlier in his career, he held executive-level financial and operational positions at Residential Services Corporation of America and Prudential Home Mortgage Company.
“Following an extensive search process, the board of directors is excited to welcome Rick as our new CEO,” said Herb Wender, non-executive chairman of the board. “We knew we had big shoes to fill, and Rick emerged as our top candidate due to his leadership and experience in the mortgage finance industry. We are confident that he is the leader to steer Radian forward.”