Walter Investment Management Corp. has disclosed that both its chairman and and its chief executive are leaving their positions.
Denmar J. Dixon was appointed chief executive officer and president in October 2015, replacing the retiring Mark J. O’Brien.
By the end of last year O’Brien would also retire from his post as chairman of the Tampa, Florida-based firm’s board of directors.
In March
of this year, Walter Investment announced that Daniel G. Beltzman was elected chairman by the board.
But the senior regime at one of the largest non-bank mortgage servicers in the country is changing.
On Wednesday,
Walter Investment said that Dixon will resign as CEO and vice chairman on June 30.
However, he’ll
continue to help the company in an advisory role.
In addition, Beltzman “will step down as chairman but remain on the board of directors.”
The disclosures follow a first-quarter 2016 pre-tax loss of $279 million and a fourth-quarter 2015 loss of $208 million.
Stepping in on June 30 as chairman and interim CEO is
George M. Awad, who the company called “a veteran consumer finance executive.”
According to the announcement, Awad is a principal at the wealth management firm Gibraltar Capital.
He has been in
senior roles at Citigroup Inc., including CEO of consumer finance for Citi Holdings, and General Electric, where he spent 18 years.
“He has the experience and skill-set needed to lead our efforts in re-engineering processes designed to reduce costs and improve revenue opportunities which we believe will strengthen our financial position and increase shareholder value,” Beltzman said of Awad in the statement. “George is a values-driven leader and, having spent the majority of his career in consumer focused businesses understands that people — employees and customers — are central to success.”
An outside firm has been retained by Walter Investment’s board
to assist with a permanent CEO search.
