Walter Investment Names Dixon CEO, O'Brien to Retire

Walter Investment Management has promoted its vice chairman to CEO, after Mark O'Brien said he will retire from that position.

The Tampa, Fla., company named Denmar Dixon chief executive and president, according to a Monday news release. Dixon will assume the new titles on Saturday.

O'Brien, 72, will remain chairman through Dec. 31 and he's expected to remain a director through Walter's 2018 annual meeting, according to a regulatory filing. Walter did not provide a reason for O'Brien's decision to retire.

"We respect Mark's decision to retire and are grateful for his service and leadership," Mike Tokarz, Walter's lead independent director, said in the release.

Walter last month reached a $29.6 million settlement with federal authorities over the reverse-mortgage business practices at one of its business units.

O'Brien has been chairman and CEO of Walter since April 2009. He had been chairman and CEO of Walter's predecessor companies at Walter Industries since March 2006.

"I would like to thank the company’s employees, customers and shareholders for the opportunity to serve them during the last six years," O'Brien said in the release.

Dixon, 53, is also Walter's chief investment officer and he will retain his vice chairman title after his promotion to CEO . He founded the consulting firm Blue Flame Capital and previously worked for Banc of America Securities.