PHILADELPHIA--(BUSINESS WIRE)--Radian Group Inc. today announced that Richard G. Thornberry, 58, has been appointed chief executive officer and a member of the company’s Board of Directors, effective March 6, 2017. Thornberry, formerly chairman and chief executive officer of NexSpring Group, LLC, will succeed S.A. Ibrahim, whom the company previously announced would retire this year.
Thornberry is an accomplished veteran of the mortgage finance industry and joins Radian from NexSpring Group, a provider of mortgage industry advisory and technology services, where he was chairman and chief executive officer. Prior to co-founding NexSpring, Thornberry co-founded and served as president and chief executive officer of Nexstar Financial Corporation, a leading provider of mortgage origination business process outsourcing services, which was acquired by MBNA. He was previously the president and chief operating officer of Citicorp Mortgage Inc. Earlier in his career, Thornberry held executive-level financial and operating positions at Residential Services Corporation of America/Prudential Home Mortgage Company, including as chief financial officer. Thornberry began his career as a certified public accountant for Deloitte.
“Following an extensive search process, the Board of Directors is excited to welcome Rick as our new CEO,” said Herb Wender, Non-Executive Chairman of the Board. “We knew we had big shoes to fill, and Rick emerged as our top candidate due to his leadership and experience in the mortgage finance industry. We are confident that he is the leader to steer Radian forward.”
“I am honored and excited to guide Radian through its next phase of growth,” said Thornberry. “The company is a leader in both the mortgage insurance and mortgage and real estate services markets, and I look forward to working with the dedicated and talented teams at Radian and Clayton to continue to deliver long-term value for our stakeholders, while promoting and preserving the tradition of homeownership.”
“It has been a privilege to serve as Radian’s CEO over the past twelve years,” said Ibrahim. “With the outstanding work of our entire team, Radian is stronger than ever before in its history and I believe that the company’s best years lie ahead. I look forward to assisting Rick through the transition and have every confidence that Radian will continue to lead the way as the housing finance industry evolves and grows.”
ABOUT RICK THORNBERRY
Thornberry has more than 30 years of experience in the financial services industry, as a leader of some of the most innovative mortgage industry businesses. Most recently, he served as the chairman and chief executive officer of NexSpring Group, LLC., a firm he co-founded in 2006 to partner with and advise leading private equity firms related to potential financial services M&A transactions. The firm was later expanded to provide mortgage industry advisory and technology services to mortgage lenders, financial institutions, mortgage investors and other mortgage industry service providers. He was also co-founder, chairman and chief executive officer of NexSpring Financial, LLC, a wholly owned subsidiary of NexSpring Group, which is a fintech business currently being launched to focus on improving the overall value proposition for all participants in a residential mortgage origination transaction. During the financial crisis, Thornberry served as a senior advisor to the financial institution investment team at a leading private equity firm. Prior to founding NexSpring, Thornberry teamed up with KKR, a global investment firm, to co-found and launch Nexstar Financial Corporation, Inc., a leading end-to-end mortgage business process outsourcing firm. Under his leadership, Nexstar was recognized as one of the nation’s fastest growing companies, and was acquired by MBNA. Prior to Nexstar, Thornberry was the president and chief operating officer of Citicorp Mortgage Inc., and he also held executive-level financial and operating positions at Residential Services Corporation of America/Prudential Home Mortgage Company, including as chief financial officer, until the company was sold in 1996. Thornberry began his career as a certified public accountant at Deloitte where he primarily worked with financial services clients and entrepreneurial businesses. He holds a bachelor of science degree in Business Administration with a major in Accounting from St. Louis University.
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 Holdings LLC, 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.
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