The chief of Bear, Sterns & Co. Inc.'s mortgage unit is on her way out.
Ralene Ruyle, chairman and chief executive officer of EMC Mortgage Corp., and senior managing director of Bear, today began transitioning out of her day-to-day roles in the companies to officially retire at the end of May 2007, according to an announcement today.
"Our company leadership has never been stronger, and EMC is well-positioned for continued success in the coming years," Ruyle said. "I am comfortable that this is the right time for me to begin an orderly transition of responsibilities."
Three years after joining Bear, Ruyle started EMC in 1990 with a small office and a staff of three in Irving, Texas, Bear said. She became president and CEO of EMC in 2002. The mortgage banker, which specializes in the acquisition, servicing and disposition of residential mortgages, has grown to a staff of 1,800 and its loan count is over 470,000 totaling nearly $68 billion.
Ruyle "has been a tremendous asset to EMC from the beginning, and quite obviously, was a driving force in contributing to the remarkable growth and success of this company," EMC President and Chief Operating Officer John Vella said in the announcement. "To help build a company the size of ours from the ground up is truly a remarkable accomplishment."
In addition to EMC, Bear participates in the mortgage market through its recently launched nonconforming wholesale unit, Bear Stearns Residential Mortgage Corp. Bear also has a pending acquisition of the subprime wholesale assets of ECC Capital Corp.