Ditech promotes its reverse mortgage head to interim CEO
Ditech Holding Corp. promoted Jeffrey Baker to interim CEO of the company, replacing Anthony Renzi who left the company.
Baker remains president of its Reverse Mortgage Solutions subsidiary, but is no longer the chief operations officer of the parent company, a role he assumed this past December.
Ditech hired Heidrick & Struggles to assist in the search for a permanent CEO.
Until Feb. 12, Ditech was known as Walter Investment Management Corp., when it emerged from a prepackaged bankruptcy reorganization. It previously announced Renzi would not be part of the post-bankruptcy firm, but he had agreed to stay with Ditech until a successor was found.
The new Ditech started trading at $10.10 per share on Feb. 12, and at one point reached $12 the same day, its high in the post-bankruptcy period. The stock reached a low of $8.65 per share on Feb. 15.
"Jeff is a seasoned turnaround professional and an outstanding business leader and operator and we are pleased to appoint him interim CEO during this exciting and important time for Ditech Holding," said Thomas Marano, who became chairman after the reorganization, in a press release.
"Jeff played an important role in leading the turnaround of the company's reverse mortgage business and has taken on increasing responsibilities serving as chief operations officer since December 2017."
Baker started at Walter in July 2015, becoming RMS president in October 2016. Prior to joining Walter, he was the co-founder and CEO of Mayday Capital Advisors, a turnaround and restructuring firm and before that the turnaround and restructuring practice leader for Wipfli LLP, a business consulting, accounting and professional services firm. Baker was also previously a partner at PricewaterhouseCoopers.