Impac Mortgage announces management shuffle

Impac Mortgage has announced that Joseph Tomkinson will be stepping down from his role of chairman and CEO, effective July 31.

Tomkinson will remain a director on the Impac board. The company disclosed the move in its earnings release for the full-year 2017.

The change follows Impac’s announcement in November that William Ashmore was stepping down as president and board member of the company. Ashmore elected not to renew his contract, which expired at the end of 2017.

Meanwhile, the board has named George Mangiaracina as president. The board expects to appoint him CEO when Tomkinson steps down. Mangiaracina joined the firm’s senior management team as executive vice president and managing director in January 2015.

Impac also announced that it has named Rian Furey COO, in addition to his current role. Furey joined the company in December to head its consumer-direct retail channel as president of direct lending.

“When we hired George Mangiaracina in 2015, the company began to prepare the company’s succession plan,” Tomkinson said. “George has been part of the Impac family since its inception. From being one of the bankers involved with taking the company public in 1995, to providing the company with its first warehouse line of credit, helping the company navigate the financial crisis of 2007, and finally being the architect of the CashCall Mortgage transaction, George has been an integral part of the company for over 22 years.”