MGIC Investment Corporation Announces Lead Independent Director Transition
MILWAUKEE, Aug. 3, 2020 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) announced today that, in accordance with Section I(E)(1) of the company's Corporate Governance Guidelines, Kenneth M. Jastrow II will not stand for reelection at the company's 2021 annual shareholder meeting. In order to provide for an appropriate transition of leadership responsibilities, Mr. Jastrow has stepped down as the company's Lead Independent Director and as Chairman of the company's Management Development, Nominating & Governance committee. Mr. Jastrow continues to serve on the Board through his remaining term, scheduled to expire at the company's 2021 annual meeting of shareholders.
As a result of the foregoing, the Board of Directors has appointed Michael E. Lehman as its Lead Independent Director.
Curt Culver, Chairman of MTG and Mortgage Guaranty Insurance Corporation (MGIC) said, "While we are fortunate to continue to benefit from Kenny's service on our Board through the end of his current term, I want to take this opportunity to thank him for his years of service as our lead independent director. Kenny's business acumen, strategic insight and generosity in sharing his thoughtful perspective have helped make MGIC the company it is."
Regarding Mr. Lehman's appointment as lead independent director, Culver stated, "The company will be well-served to have Mike assume the role of lead independent director and I look forward to working closely with him as we focus on the company's future. Having known Mike for a number of years, he brings a unique skill set of financial and technological acumen and I am confident he will build upon the strong foundation of MGIC's exceptional Board."
In addition, the committees of the Board of Directors have been reconstituted as follows:
Executive Committee:
- Timothy J. Mattke (Chairman)
- Curt S. Culver
- Michael E. Lehman
Audit Committee:
- Gary A. Poliner (Chairman)
- Daniel A. Arrigoni
- Jay C. Hartzell
- Timothy A. Holt
- Michael E. Lehman
- Melissa B. Lora
- Sheryl L. Sculley
Management Development, Nominating and Governance Committee:
- Michael E. Lehman (Chairman)
- Timothy A. Holt
- Jodeen A. Kozlak
- Melissa B. Lora
Risk Management Committee:
- Mark M. Zandi (Chairman)
- Daniel A. Arrigoni
- C. Edward Chaplin
- Jay C. Hartzell
- Gary A. Poliner
Securities Investment Committee:
- Timothy A. Holt (Chairman)
- C. Edward Chaplin
- Jodeen A. Kozlak
- Gary A. Poliner
- Sheryl L. Sculley
Investor Contact:
Michael Zimmerman
mike_zimmerman@mgic.com
SOURCE MGIC Investment Corporation