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Executive Weekly

Executive WeeklyRecent mortgage-related executive activity

June 8, 2009

By SAM GARCIA

A warehouse lender has named replacements for its chairman and chief executive officer, a Massachussetts bank chief is leaving his job after less than a year and Bank of America Corp. has beefed up its board with bank veterans.Gregory L. Curl will replace Amy Woods Brinkley as chief risk officer of BoA when she retires on June 30, according to a news release Thursday. Curl, currently a global corporate strategic development and planning executive, has spent 31 years at the Charlotte, N.C.-based institution.

Former Federal Reserve Board governor Susan S. Bies was elected to BoA’s board of directors, an announcement Friday said. Joining Bies is former Bank One Corp. executive William P. Boardman, former Compass Bancshares Inc. chairman and chief executive officer D. Paul Jones and former Federal Deposit Insurance Corporation chairman Donald E. Powell.

Michael W. Young has been nominated to be vice chairman-elect of the Mortgage Bankers Association, a June 3 statement said. MBA members will vote at the group’s annual conference in San Diego during October on the nomination of Yound, who is the chairman of Cenlar FSB.Colonial BancGroup Inc., which last month announced that chairman, CEO and president Robert E. Lowder would retire, said Wednesday that Simuel Sippial Jr. will replace Lowder as chairman. Sippial will also serve as chairman of subsidiary Colonial Bank. He has been a director of Colonial for 20 years and spent 26 years with IBM Corp.

Struggling Colonial, a big warehouse lender, is getting a $300 million capital infusion by a group of investors led by Taylor, Bean & Whitaker.

photo of Simuel Sippial Jr.
Colonial photo of Simuel Sippial


Colonial photo of Lewis Bevil

In addition, the Montgomery, Ala.-based bank named Lewis Bevil president and CEO of Colonial and its banking subsidiary. Bevil has been a Colonial director for 12 years and serves as an executive at a privately held insurance brokerage firm.After less than a year in the position, Thomas Drummey is stepping down from the post of president and CEO at Randolph Savings Bank, published reported indicated. Drummey, who had been with the Massachussetts institution for around eight years prior to his promotion to the top spot, reportedly received another job offer that he couldn’t refuse.

Jeff Lemieux joined GMAC Financial Services as senior vice president of fee based servicing. Lemieux comes from Cerberus Capital Management — which previously owned half of GMAC.

Also joining Ft. Washington, Penn.-based GMAC was Dana Dillard, who was named senior vice president of special mortgage initiatives. Prior to her new position, Dillard was executive vice president at JPMorgan Chase & Co. subsidiary EMC Mortgage Corp.

Eric Martinez Jr. replaced William V. Nutt as CEO of mortgage insurer United Guaranty Corp., parent American International Group Inc. said last week. Martinez just started with AIG this year and previously worked for Safeco Corp.CWCapital Asset Management Managing Director David Iannarone was promoted to president of the unit, parent CW Financial Services announced last week.

Motivational speaker Todd Duncan joined Prospect Mortgage to teach sales, leadership and time management, a statement last week said. However, Duncan will continue to accept outside gigs.


UGI photo of Eric Martinez


Family First FCU photo of Kent Moore
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