- Push-out Score determined
- After almost seven years in the position
- Praise for Shuster
- Shuster will remain as Executive Chairman at NMI Holdings
- Shuster spoke at length and said 128 words
(exechange) — Emeryville, California, September 13, 2018 — Brad Shuster, chief executive of NMI Holdings, hands over the reins. As announced by NMI Holdings, Inc. in a news release and in a regulatory filing published on Thursday, September 13, 2018, Bradley Mize (Brad) Shuster leaves his post as Chief Executive Officer at the parent company of National Mortgage Insurance Corporation after almost seven years in the role, effective January 1, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.1 years, according to data compiled by exechange.
Shuster’s duties will be taken over by Claudia J. Merkle, currently President of NMI Holdings, Inc.
Shuster’s departure from the CEO post is explained as follows. Shuster said: “The Board and I have been working on this succession plan and a smooth transition of leadership for some time.”
Shuster will remain as Executive Chairman at NMI Holdings
“Mr. Shuster, the company’s founder, Chairman and CEO will continue as Executive Chairman following the succession and remain engaged with the company, working closely with Ms. Merkle as CEO. In his new role as Executive Chairman, Shuster will continue to lead the Board of Directors, oversee special projects and communications with key stakeholders, and collaborate with Merkle to define the company’s long-term goals and direct its strategy, operational plans and policies,” NMI Holdings said.
NMI Holdings said: “Claudia Merkle, the company’s current President, will succeed Bradley Shuster as Chief Executive Officer, effective January 1, 2019.”
Share price rise since April 2016
The change follows a rise in the share price of NMI Holdings, Inc. since April 2016.
In the position of CEO since 2012
Shuster serves as Chairman of the Company’s Board and the Company’s Chief Executive Officer, positions he has held since April 2012.
From April 2012 until December 31, 2014, Shuster also served as the Company’s President.
In July 2017, Shuster was appointed to the Board of Directors of McGrath RentCorp.
From 2008 to 2011, Shuster held various consulting positions assisting private investors with evaluating opportunities in the insurance industry.
Shuster was an executive of The PMI Group, Inc. (PMI) from 2003 to 2008, where he served as president of International and Strategic Investments and chief executive officer of PMI Capital Corporation.
Prior to that, he served as PMI’s executive vice president of Corporate Development and senior vice president, treasurer and chief investment officer.
Shuster was responsible for PMI’s international operations, coordinating both acquisitions and de novo operations in diverse markets including Australia, Canada, Europe and Hong Kong.
Prior to leaving PMI, Shuster was instrumental in the sale of PMI’s Australian operations to QBE Group, a global insurance company, for approximately $1 billion.
Before joining PMI in 1995, Shuster was a partner at Deloitte LLP, where he served as partner-in-charge of Deloitte’s Northern California Insurance Practice and Mortgage Banking Practice.
He holds a B.S. from the University of California, Berkeley and an M.B.A. from the University of California, Los Angeles.
He is an independent director of McGrath RentCorp and of Luther Burbank Corporation.
Push-out Score determined
Read the full story in the exechange report 39.2018 ($).