Radian Appoints Rick Thornberry Chief Executive Officer
09 February 2017 - 10:30PM
Business Wire
Radian Group Inc. today announced that Richard G. Thornberry,
58, has been appointed chief executive officer and a member of the
company’s Board of Directors, effective March 6, 2017. Thornberry,
formerly chairman and chief executive officer of NexSpring Group,
LLC, will succeed S.A. Ibrahim, whom the company previously
announced would retire this year.
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Rick Thornberry, Radian CEO (Photo:
Business Wire)
Thornberry is an accomplished veteran of the mortgage finance
industry and joins Radian from NexSpring Group, a provider of
mortgage industry advisory and technology services, where he was
chairman and chief executive officer. Prior to co-founding
NexSpring, Thornberry co-founded and served as president and chief
executive officer of Nexstar Financial Corporation, a leading
provider of mortgage origination business process outsourcing
services, which was acquired by MBNA. He was previously the
president and chief operating officer of Citicorp Mortgage Inc.
Earlier in his career, Thornberry held executive-level financial
and operating positions at Residential Services Corporation of
America/Prudential Home Mortgage Company, including as chief
financial officer. Thornberry began his career as a certified
public accountant for Deloitte.
“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.”
“I am honored and excited to guide Radian through its next phase
of growth,” said Thornberry. “The company is a leader in both the
mortgage insurance and mortgage and real estate services markets,
and I look forward to working with the dedicated and talented teams
at Radian and Clayton to continue to deliver long-term value for
our stakeholders, while promoting and preserving the tradition of
homeownership.”
“It has been a privilege to serve as Radian’s CEO over the past
twelve years,” said Ibrahim. “With the outstanding work of our
entire team, Radian is stronger than ever before in its history and
I believe that the company’s best years lie ahead. I look forward
to assisting Rick through the transition and have every confidence
that Radian will continue to lead the way as the housing finance
industry evolves and grows.”
ABOUT RICK THORNBERRY
Thornberry has more than 30 years of experience in the financial
services industry, as a leader of some of the most innovative
mortgage industry businesses. Most recently, he served as the
chairman and chief executive officer of NexSpring Group, LLC., a
firm he co-founded in 2006 to partner with and advise leading
private equity firms related to potential financial services
M&A transactions. The firm was later expanded to provide
mortgage industry advisory and technology services to mortgage
lenders, financial institutions, mortgage investors and other
mortgage industry service providers. He was also co-founder,
chairman and chief executive officer of NexSpring Financial, LLC, a
wholly owned subsidiary of NexSpring Group, which is a fintech
business currently being launched to focus on improving the overall
value proposition for all participants in a residential mortgage
origination transaction. During the financial crisis, Thornberry
served as a senior advisor to the financial institution investment
team at a leading private equity firm. Prior to founding NexSpring,
Thornberry teamed up with KKR, a global investment firm, to
co-found and launch Nexstar Financial Corporation, Inc., a leading
end-to-end mortgage business process outsourcing firm. Under his
leadership, Nexstar was recognized as one of the nation’s fastest
growing companies, and was acquired by MBNA. Prior to Nexstar,
Thornberry was the president and chief operating officer of
Citicorp Mortgage Inc., and he also held executive-level financial
and operating positions at Residential Services Corporation of
America/Prudential Home Mortgage Company, including as chief
financial officer, until the company was sold in 1996. Thornberry
began his career as a certified public accountant at Deloitte where
he primarily worked with financial services clients and
entrepreneurial businesses. He holds a bachelor of science degree
in Business Administration with a major in Accounting from St.
Louis University.
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance, risk management products and
real estate services to financial institutions. Radian offers
products and services through two business segments:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance protects lenders from default-related
losses, facilitates the sale of low-downpayment mortgages in the
secondary market and enables homebuyers to purchase homes more
quickly with downpayments less than 20%.
- Mortgage and Real Estate
Services, through its principal services subsidiary Clayton
Holdings LLC, as well as Green River Capital, Red Bell Real Estate
and ValuAmerica. These solutions include information and services
that financial institutions, investors and government entities use
to evaluate, acquire, securitize, service and monitor loans and
asset-backed securities.
Additional information may be found at www.radian.biz.
FORWARD-LOOKING STATEMENTS
Some of the statements in this press release may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities and
Exchange Act of 1934 and the United States Private Securities
Litigation Reform Act of 1995. Words such as “will,” “expects,”
“believes” and similar expressions are used to identify these
forward-looking statements. These forward-looking statements, which
may include without limitation, projections regarding our future
performance and financial condition, are made on the basis of
management’s current views and assumptions with respect to future
events. Any forward-looking statement is not a guarantee of future
performance and actual results could differ materially from those
contained in the forward-looking statement. These statements speak
only as of the date they were made, and we undertake no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. We operate
in a changing environment. New risks emerge from time to time and
it is not possible for us to predict all risks that may affect us.
For more information regarding these risks and uncertainties as
well as certain additional risks that we face, you should refer to
the Risk Factors detailed in Item 1A of our 2015 Form 10-K, and in
our subsequent quarterly and other reports filed from time to time
with the SEC. We caution you not to place undue reliance on these
forward-looking statements, which are current only as of the date
on which we issued this report. We do not intend to, and we
disclaim any duty or obligation to, update or revise any
forward-looking statements to reflect new information or future
events or for any other reason.
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version on businesswire.com: http://www.businesswire.com/news/home/20170209005163/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
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