MGIC Investment shuffles its roster of executives

Mortgage Guaranty Insurance Corporation (MGIC) Investment has announced a major shift in its executive team after the resignation of its president and chief executive officer.

According to the company, President and CEO Patrick Sinks has stepped down from his position to become vice chairman of the company and its board of directors. MGIC named Timothy Mattke, former executive vice president and chief financial officer, as Sinks’ successor effectively immediately.

In addition, the firm elevated Salvatore Miosi, former executive vice president of business strategies and operations, as president and chief operating officer. Former Vice President of Finance Nathaniel Colson will replace Mattke as executive vice president and chief financial officer.

"I have been fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Tim has been a key contributor to our company's success since he joined us 13 years ago and is well-suited to be our next leader," Sinks said. "We have a tradition of internally developing our talent, including our CEOs, and I am delighted that we have someone of Tim's caliber, expertise and vision to lead the company. I am confident that Tim's leadership will enable our company to continue to prosper well into the future. My responsibility through January 31, 2020, will be to ensure a smooth transition for Tim and the management team that Tim has put in place."

"I am honored to continue to build on the strong foundation established by Pat and his predecessors,” said Mattke. “Pat's thoughtful leadership, business acumen and personal style have enabled the company to continue to be a leader in our industry. We are well-positioned for the future and our management team is as strong as it has ever been. The promotions of Sal and Nathan, each of whom is incredibly talented, speaks to the depth of our internal management team bench. I am confident that, together, we will deliver the results our shareholders, customers and co-workers expect and deserve."