CEO Curt Culver to retire and become Non-Executive Chairman effective March 1, 2015; COO Patrick Sinks elected to Board and will become CEO
"I have been very fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Pat has been a very important contributor to our company's success since he joined us 36 years ago," said Culver. "We have a tradition of internally developing our CEOs and I am proud that we have someone of Pat's caliber and expertise to lead us. I am confident that Pat's extensive industry knowledge, client-first approach and strategic vision will enable our company to prosper well into the future." He further added that "My charge as non-executive chairman is to ensure a smooth transition and enable Pat to focus all of his energy on running the company."
Sinks said, "I am honored to continue to build on the strong foundation that Curt has established. His strategic vision, thoughtful leadership, business acumen and personal style have enabled MGIC to be a leader in our industry. Our company is well positioned for the future and our management team is as strong as it has ever been. I am confident that we will deliver the results our shareholders, customers and co-workers expect and deserve."
Culver began his career in the mortgage insurance business in 1976, joining MGIC in 1982. He became President in 1999 and was CEO and President from 2000 to
Sinks has served as President and COO since January 2006. Previously, Sinks served as Executive Vice President – Field Operations from 2002. Sinks has also served as Senior Vice President – Controller and Chief Accounting Officer, and before that held a variety of positions within the
About MGIC
MGIC (www.mgic.com), the principal subsidiary of
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Investors: Michael J. Zimmerman, Investor Relations, 414-347-6596, mike_zimmerman@mgic.com; or Media: Katie Monfre, Corporate Communications, 414-347-2650, katie_monfre@mgic.com