The board of directors at Nationstar Mortgage Holdings Inc. has elected the company’s chief executive officer as its new chairman.
Private-equity investor and billionaire Wesley R. Edens has been serving as chairman of the parent of Nationstar Mortgage LLC.
But Edens —
who is co-chairman of Fortress Investment Group and co-owner of the NBA team the Milwaukee Bucks — is retiring.
Taking over his role as Nationstar chairman is Jay Bray, the company’s current CEO, according to a filing with the Securities and Exchange Commission.
The board elected Bray as its chairman on Friday.
“Mr. Bray’s additional governance responsibilities are attributable to the considerable value he has contributed to Nationstar over the past 16 years,” the SEC filing states. “The board believes the combined role of chairman and chief executive officer promotes unified leadership and execution of Nationstar’s strategic plan, facilitates information flow between management and the board and enables Nationstar to benefit from Mr. Bray’s significant institutional and industry knowledge and experience.”
joined the Coppell, Texas-based organization as executive vice president and chief financial officer in 2000.
Before Nationstar, he worked for Bank of America Corp.
reportedly holds a B.A.A. in Accounting from Auburn University.