PHILADELPHIA--(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.
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.
