The former chairman and chief executive officer of a previous ditech.com affiliate has become the CEO and president of the company that now operates as Ditech Holding Corp.
As world financial markets were sinking into a crisis in April 2008, Thomas F. Marano was named chairman of Residential Capital LLC. Three months later, he was appointed CEO.
Marano led ResCap
through its 2012 bankruptcy and ultimately resigned in May 2013. ResCap ultimately shut down operations and liquidated.
ResCap had been owned by Ally Financial Inc., as was the case for ditech.com — which, itself, also filed bankruptcy.
In 2013, Walter Investment Management Corp. acquired the ditech.com brand.
Marano joined Walter’s board of directors in February — when Walter, itself, filed bankruptcy — and currently serves as its chairman.
Walter changed its name to Ditech when it emerged from bankruptcy in February.
On Thursday, the Fort Washington, Pennsylvania-based company announced that Marano has been appointed CEO and president.
He replaces interim CEO
Jeffrey P. Baker who took on the role in February when Anthony N. Renzi left the post. Baker will continue as president of subsidiary Reverse Mortgage Solutions Inc.
“The Ditech Holding board of directors conducted a comprehensive search, and Tom’s expertise and more than 29 years of experience in the financial services industry distinguished him from the other candidates,” Daniel G. Beltzman, chairman of the board’s nominating and corporate governance committee, said in today’s statement. “We are confident that he is the right choice to lead the company and execute our strategies to drive growth and create value for stockholders.”
Ditech additionally said that
Ritesh Chaturbedi has been hired as chief operating officer. Chaturbedi reportedly has more than 15 years’ experience in technology and digital sales — including at Amazon.
