William Lacy, who served as chief executive officer of Mortgage Guaranty Insurance Corporation for 12 years, passed away Sunday at the age of 71, the company announced Monday.

According to MGIC, Lacy, who retired as chairman and CEO in 1999 after spending 28 years with the company, died of respiratory failure.

In its release, the company said that Lacy was “admired and respected for his tenacity and drive” during his time at the company.

Lacy became MGIC’s president and CEO in 1987.

Lacy also served on the board of directors for Ocwen Financial from 2002 until earlier this year, when he informed the nonbank that he planned to step down from the board.

According to Bloomberg, Lacy is survived by four children and 11 grandchildren.

“It is with great sadness that we announce today the passing of my friend and colleague, Bill Lacy,” Curt Culver, MGIC’s non-executive chairman, said in a statement.

“His thoughtful leadership saw MGIC through tremendous changes, and helped shape the company into the industry leader that it remains to this day,” Culver said. “On behalf of our board of directors, executive management team and employees, we mourn his loss and extend our deepest sympathies to his family.”