Radian CEO S.A. Ibrahim to Retire in December 2017
May 17 2016 - 4:30PM
Business Wire
Radian Group Inc. today announced that Chief Executive Officer
S.A. Ibrahim, 64, informed the company’s Board of Directors of his
intention to retire at the end of his contract in December 2017. In
keeping with Radian’s succession planning process, the Board has
appointed a special committee to commence a search for his
successor. The committee has employed the assistance of Spencer
Stuart, a leading executive recruitment firm, and will take into
consideration internal as well as external candidates.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20160517006587/en/
S.A. Ibrahim, CEO, Radian Group Inc.
(Photo: Business Wire)
Ibrahim has served as CEO of Radian since May 2005. Within four
years of joining Radian as CEO, Ibrahim was tasked with navigating
the company through unprecedented instability in the U.S. housing
markets, emerging competitive forces and increasingly austere
regulatory regimes. Under Ibrahim’s prudent leadership and
strategic direction, Radian has written more than $200 billion of
high-quality new mortgage insurance business, simplified and
strengthened its capital structure, eliminated its exposure to
financial guaranty credit risk with the sale of Radian Asset
Assurance, and expanded its reach within the broader mortgage
finance market.
“With S.A. at the helm over the past 11 years, Radian has
emerged from one of our country’s deepest financial crises newly
invigorated and focused, while achieving a leadership position in
the private mortgage insurance industry,” commented Herb Wender,
Chairman of the Board. “S.A. has been an inspirational leader to
Radian's employees while always staying focused on creating value
for our stockholders. His leadership skills will be difficult to
replace.”
Mr. Ibrahim joined Radian from GreenPoint Financial Corp., where
he served as chief executive officer for six years. Earlier,
Ibrahim spent nine years at Chemical Bank, where he rose to the
position of CEO of the mortgage unit. In between, he served as an
international trouble shooter for American Express’ travel-related
services company, where he headed reengineering on four
continents.
“I’m looking forward to my remaining tenure at Radian. My time
here has been among the most rewarding of my career, and I believe
the company is better positioned today to drive long-term value
than ever before,” said Ibrahim. “I remain focused on realizing the
benefits of our strategies for growing our core mortgage insurance
business and on diversifying our revenues through mortgage and real
estate services. The deliberate and thoughtful process that we are
applying to succession planning will ensure that we maintain our
current momentum, while allowing for a seamless transition for our
executive team and my successor.”
ABOUT RADIAN
Radian Group Inc. (NYSE: RDN), headquartered in Philadelphia,
provides private mortgage insurance, risk management products and
real estate services to financial institutions. Radian offers
products and services through two business segments:
- Mortgage Insurance, through its
principal mortgage insurance subsidiary Radian Guaranty Inc. This
private mortgage insurance protects lenders from default-related
losses, facilitates the sale of low-downpayment mortgages in the
secondary market and enables homebuyers to purchase homes more
quickly with downpayments less than 20%.
- Mortgage and Real Estate Services,
through its principal services subsidiary Clayton, as well as Green
River Capital, Red Bell Real Estate and ValuAmerica. These
solutions include information and services that financial
institutions, investors and government entities use to evaluate,
acquire, securitize, service and monitor loans and asset-backed
securities.
Additional information may be found at www.radian.biz.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160517006587/en/
Radian Group Inc.Emily Riley,
215-231-1035emily.riley@radian.biz
Radian (NYSE:RDN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Radian (NYSE:RDN)
Historical Stock Chart
From Sep 2023 to Sep 2024