Impac Mortgage Holdings announced recently that its long-time president, Bill Ashmore, will be stepping down this year after serving as president since 1995.

In a release, Impac said that Ashmore notified the company of his intention to step down as president and as a member of the company’s board of directors, effective Dec. 31, 2017, the date that his current employment agreement expires.

In addition to serving as president for 22 years, Ashmore has also served on Impact’s board since 1997.  Ashmore is also Impac’s chief operating officer, a position he’s held for more than 10 years. 

According to Impac, Ashmore “intends to pursue other interests both personal and professional.”

Of Ashmore’s decision, Impac CEO Joseph Tomkinson said that the company has long benefited from Ashmore’s knowledge anBill Ashmored experience.

“I want to thank Bill for his tremendous contributions to Impac for over 20 years,” Tomkinson said. “We’ve benefitted greatly from his strategic insight, asset liability management and business expertise in the continuously evolving mortgage industry­­­­­­­­­­­­­­­­­­­­­­­­­­­­­, and wish him all the best.”

In the release, Impac said that the company is working together with Ashmore to ensure a smooth transition to Ashmore’s eventual replacement.

“It has been an honor to serve Impac as its president and work with my friend, Joe Tomkinson, the chairman and CEO of Impac,” Ashmore said in a release.

“I have worked with a great team over the years and I am proud of the resilience of the Impac management team, to survive the financial crisis and subsequently return to profitability,” Ashmore added. “I’m excited to tackle my next opportunity as I transition from my current executive management position at Impac.”