PMI to Promote Exec to CEO

PMI Mortgage Insurance Co., a subsidiary of The PMI Group Inc., Walnut Creek, Calif., has announced that it will promote L. Stephen Smith to chief executive officer as of Jan. 1, 2004.Mr. Smith retains his current titles as president and chief operating officer of The PMI Group and chairman of CMG Mortgage Insurance Co., its joint venture with CUNA Mutual. In his new position, Mr. Smith will be responsible for the overall management of PMI Mortgage Insurance and represent the company in the Mortgage Insurance Cos. of America. He started with PMI in 1979, and in 1998 took over the No. 2 slot at PMI Group behind W. Roger Haughton, who remains the parent company's chairman and chief executive.