Ditech Holding Corp. announced Wednesday that Thomas Marano, current chairman of the board, has been named to lead the company as CEO and president, effective immediately.
Marano is the sixth CEO for the company since October 2015. Marano will also continue to serve as chairman of the board of directors, the company noted.
Jeffrey Baker, who was serving as Ditech’s interim CEO and president, will continue to serve in his role as president of the company’s Reverse Mortgage Solutions business. Baker, who was serving as president of Reverse Mortgage Solutions and chief operating officer at the time, was elevated to the role of interim CEO following the departure of CEO Anthony Renzi in February this year. Renzi came to the company in August 2016 from Citigroup, where he served as the chief operating officer, managing director and head of operations for Citi’s North America retail bank, commercial bank and CitiMortgage.
Ditech, formerly known as Walter Investment Management Corp., emerged from Chapter 11 bankruptcy in February 2018 after successfully completing its financial restructuring plan, which eliminated $800 million in debt.
“We are pleased to appoint an executive of Tom's caliber as Ditech Holding's chief executive officer and president,” said Daniel Beltzman, chairman of the board's nominating and corporate governance committee. “The Ditech Holding board of directors conducted a comprehensive search, and Tom's expertise and more than 29 years of experience in the financial services industry distinguished him from the other candidates. We are confident that he is the right choice to lead the company and execute our strategies to drive growth and create value for stockholders. We thank Jeff for serving as interim chief executive officer and president during this time of transition and are grateful that he will continue to help lead the company as president of RMS."
"It is a privilege to take on the role of Ditech Holding's CEO during this important and exciting time for the company, as we work to improve our financial and operating performance. I have known Ditech Holding for many years, having spent the majority of my career in mortgage trading and originations,” Marano said. “Since I joined the board, I have been working closely with the management team and I believe in our ability to drive our next phase of growth and profitability by continuing to optimize our business and improve our customer experience. Ditech Holding has a strong team of dedicated employees and we are well-positioned to create value for stockholders by advancing our mission of serving our customers throughout the homeownership journey."
Ditech also announced it has named Ritesh Chaturbedi, an executive with more than 15 years of technology and digital sales experience, to serve as the company's new chief operating officer, effective April 23, 2018.
"Ritesh's track record of helping businesses transform how they engage with customers through digital channels makes him an ideal choice to further enhance the strength and depth of our leadership team,” Marano said. "Specifically, his leadership experience in strategy, technology, e-commerce, operations and customer experience will help enable Ditech Holding to continue our transformation, drive innovation and build on our legacy as a customer-driven organization."