Bray Elected Chairman at Nationstar as Edens Retires

George Fiala

The board of Nationstar Mortgage Holdings Inc. has unanimously elected CEO and President Jay Bray as the company chairman, succeeding Wesley Edens, who retired July 1.

"The board believes the combined role of chairman and chief executive officer promotes unified leadership and execution of Nationstar's strategic plan, facilitates information flow between management and the board and enables Nationstar to benefit from Mr. Bray's significant institutional and industry knowledge and experience," the company said in an 8-K filing with the Securities and Exchange Commission.

Edens is one of three founders of Fortress Investment Group, which took Nationstar public in 2009. He also is the co-owner of the Milwaukee Bucks.

Bray has been working on improving the company's customer service and plans to consolidate origination and servicing under a new single brand called Mr. Cooper this summer.

"I believe Nationstar's operations are strong, and I remain optimistic about Nationstar's future," Edens said.