MGIC promotes Mattke to CEO, Miosi to president, replacing Sinks
Timothy Mattke replaced Patrick Sinks as CEO of MGIC Investment Corp., just two days after the company announced second quarter earnings that beat analysts' expectations.
Sinks, who is also giving up the president's title, will become vice chairman for the time being; he will remain on the company's board through Oct. 31 and in its employ through Jan. 31, 2020.
"I have been fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people," Sinks said in a press release. "Tim has been a key contributor to our company's success since he joined us 13 years ago and is well-suited to be our next leader.
"We have a tradition of internally developing our talent, including our CEOs, and I am delighted that we have someone of Tim's caliber, expertise and vision to lead the company. I am confident that Tim's leadership will enable our company to continue to prosper well into the future. My responsibility through Jan. 31, 2020, will be to ensure a smooth transition for Tim and the management team that Tim has put in place," Sinks said.
Taking over the president's role along with the chief operating officer title will be Salvatore Miosi, most recently the executive vice president of business strategies and operations. Miosi has been with MGIC since 1988.
Nathaniel Colson, formerly the vice president of finance, will become executive vice president and chief financial officer.
"We believe the transition appears benign as the company has delivered strong operating performance under the leadership of the 62-year-old Sinks; MGIC shares have appreciated by more than 41% since Dec. 24, and the company has posted three quarterly earnings beats since that date," said BTIG analyst Mark Palmer in a research note.
Mattke joined MGIC in 2006 and was its controller from 2009 to 2014, the year he was promoted to executive vice president and chief financial officer.
"We are well-positioned for the future and our management team is as strong as it has ever been," Mattke said. "The promotions of Sal and Nathan, each of whom is incredibly talented, speaks to the depth of our internal management team bench. I am confident that, together, we will deliver the results our shareholders, customers and co-workers expect and deserve."
"Pat had a long and distinguished 41-year career with the company, culminating in his appointment as CEO in 2015," said Culver. "The company significantly improved its return on equity and shareholder value because of his leadership. The board's selection of Tim to succeed Pat demonstrates its confidence in Tim's leadership skills and vision for the company."