Joseph Tomkinson, who first pared down and then rebuilt Impac Mortgage Holdings in the aftermath of the housing crisis, is stepping down as the company's chairman and CEO.
Tomkinson's exit is effective on July 31, the company announced in its March 14 fourth-quarter earnings release. But his is not the only departure in the company's executive ranks.
At the end of last year, William Ashmore left Impac after his employment contract expired and he declined to renew it.
George Mangiaracina was promoted to president and is expected to add the CEO title when Tomkinson leaves. Since January 2015 he was Impac's executive vice president and managing director. He played a key role in Impac's 2015 acquisition of the CashCall Mortgage platform, a Securities and Exchange Commission filing said.
Prior to joining Impac, Mangiaracina spent over 20 years in the securities and mortgage banking industries. From 1992 to 2008 and from 2009 to December 2013, he served as a managing director of UBS and Deutsche Bank, respectively.
Impac also promoted Rian Furey to chief operating officer. Furey was hired in December 2017 as president of direct lending, and will remain in that job going forward.
"When we took Impac public in 1995, I could never have imagined what a tremendous journey we would all be embarking on," Tomkinson, who will remain as a director, said in a press release. "Through the good times and the difficult times, I have always tried to do what is in the best interest of our shareholders and employees. Looking back, I can honestly say that I have given Impac all that I have and am very proud of what we have accomplished."
For the fourth quarter, Impac lost $44.9 million, compared with net earnings of $16.9 million one year prior. The period included a $17.7 million loss on its mortgage servicing rights holdings (in part due to changes in the fair market value) and an income tax expense of $16.6 million.
Origination volume for the fourth quarter was $1.7 billion, down from $3.1 billion the prior year, as higher interest rates caused a marked decrease in refinance volume. For the full year, Impac originated $7.1 billion, down from $12.9 billion in 2016.