National MI, a private mortgage insurance company in Emeryville, Calif., has named Jay Sherwood as president.
Sherwood will serve as president of both National MI and its holding company. He is a co-founder of the company, which was established in 2012, and most recently served as chief financial officer.
He succeeds Bradley Shuster, who is currently the company's president and chief executive, as well as chairman of the holding company. Shuster will keep his CEO and chairman titles following the transition.
"Jay has been a key leader in National MI's launch and success," Shuster said in a press release Tuesday. "He helped execute our initial capital raise, assisted in taking the company public, and has done an extraordinary job leading the finance department."
Additionally, National MI has named Glenn Farrell as CFO, replacing Sherwood. He joins National MI from KPMG, where he worked for 35 years and held several senior-level positions, including audit practice leader and partner-in-charge of the company's Northern California business unit.
The executive changes take effect on Jan. 1.
