Fresh off filing for Chapter 11 bankruptcy, Walter Investment Management Corp. is shaking up its executive ranks again.
A little over a year ago, Walter Investment made a number of changes to its leadership as part of an effort to “realign the company’s management structure” and “flatten the organization.”
Those changes came right on the heels of David Schneider, who served as executive vice president and chief operating officer of Walter Investment and as president of Ditech Financial, abruptly leaving the company to make operations “leaner and more effective.”
Now, the company is making more changes.
Walter Investment announced recently that Gary Tillett, who serves as executive vice president and chief financial officer, plans to retire in 2018.
Replacing Tillett will be that Jerry Lombardo, who most recently served as a managing director & treasurer of the consumer and community bank at JPMorgan Chase.
Prior to joining JPMorgan Chase in 2013, Lombardo held a number of senior finance roles including the global head of funding & liquidity for Ally; finance executive at Cerberus Capital Management; senior managing director at FTI Consulting; and chief financial officer of Refco.
According to the company, Tillett will leave Walter at some point between Feb. 1, 2018 and Feb. 15, 2018.
Lombardo will start at Walter no later than Feb. 1, 2018, and take over officially as CFO when Tillett retires.
Additionally Jeff Baker, who currently serves as the president of Reverse Mortgage Solutions, Walter’s reverse mortgage subsidiary, has been promoted to the role of chief operating officer of Walter.
In this role, Baker will expand his duties beyond president of RMS and assume responsibility for the performing and default servicing operations of Walter’s other prominent subsidiary, Ditech.
“With the addition of Jerry and the expansion of Jeff's responsibilities, we continue our steady progress of assembling a premier leadership team that will help us fully realize the potential of our core business by facilitating the speed and effectiveness of our transformation,” Anthony Renzi, Walter’s president and chief executive officer, said.
“Jerry brings over 25 years of financial leadership experience ranging from involvement with challenging turnaround situations during his tenure at FTI Consulting to helping grow and optimize financial companies like Ally Financial and the Consumer and Community Bank at JPMorgan Chase & Co,” Renzi added. “Jeff is an outstanding business leader and operator who will continue to help us improve our operations while maintaining a keen focus on caring for our customers, our cost to service and our overall operational efficiency.”
Renzi also thanked Tillett for his time with the company.
“I want to thank Gary for his leadership and contributions during the past four years here at Walter,” Renzi said.
“He has been an important part of our team and a colleague who has worked relentlessly to help our company through many challenging situations, the most recent being our financial restructuring efforts,” Renzi added. “On behalf of the entire Walter Management team, we thank Gary for his service to our company and wish him all the best in the future.”