The employment contract of L. Stephen Smith as chief executive, president and chief operating officer of The PMI Group Inc. expired on June 30 and was not renewed, according to an 8-K filing obtained via DisclosureNet.com. As a result, Smith was removed from those posts.
Instead, two consultants from Goldin Associates LLC, a transaction and restructuring advisory firm aiding PMI in its bankruptcy process, have been named to top jobs.
David W. Prager is now PMI’s CEO and Matthew Flynn has been named vice president.
The 8-K states the Oct. 28, 2011 engagement letter between PMI and Goldin will continue to control the relationship between the two companies. Prager and Flynn will not receive any additional compensation for their roles at PMI. They serve at the pleasure of, and under the direction of, PMI’s board.
PMI has been winding down operations since the underwriting operation was placed under a receivership order by its regulator in Arizona. A receivership court there has
