- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Sinks
- Tim Mattke taking over
- Sinks said 123 words
(exechange) — Milwaukee, Wisconsin, July 25, 2019 — Pat Sinks, chief executive of MGIC Investment, leaves. As announced by MGIC Investment Corp. in a news release and in a regulatory filing published on Thursday, July 25, 2019, Patrick (Pat) Sinks leaves his post as Chief Executive Officer at the mortgage insurer after about four and a half years in the role, effective immediately.
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 7.6 years, according to data compiled by exechange.
Pat Sinks’s duties as CEO will be taken over by Timothy J. (Tim) Mattke, most recently Chief Financial Officer of MGIC Investment Corporation.
Pat Sinks’s move is part of a management shake-up also involving the position of Chief Operating Officer.
“Tradition of internally developing our talent”
The management change is explained as follows. Sinks said: “We have a tradition of internally developing our talent, including our CEOs, and I am delighted that we have someone of Tim’s caliber, expertise and vision to lead the company.”
“Relinquished his role”
MGIC Investment said: “Patrick Sinks has been named Vice Chairman of the company and the board of directors and has relinquished his role as President and Chief Executive Officer (CEO).”
MGIC Investment further said: “MGIC Investment Corporation (the “Company”) announced today that effective July 25, 2019, Patrick Sinks has been named Vice Chairman of the Company and the board of directors and has relinquished his role as President and Chief Executive Officer (“CEO”).”
“Not a result of any disagreement”
“These changes were not a result of any disagreement with the Company,” MGIC Investment said.
Share price increase since January 2019
The announcement follows an increase in MGIC Investment Corporation’s share price of 29% since January 2019.
Chaired by Curt Culver
MGIC Investment Corporation is chaired by Curt Culver.
Curt S. Culver is Non-Executive Chairman of MGIC Investment Corporation. Culver’s career spans more than 40 years in the private mortgage insurance industry, including 33 years at MGIC. Culver joined MGIC in 1982, was named President and Chief Operating Officer in 1996, and on January 1, 2000 became Chief Executive Officer of MGIC Investment Corporation. He added the title of Chairman in 2006. Upon his retirement in 2015, he became Non-Executive Chairman.
In the position of CEO since 2015
Pat Sinks became CEO of the Company in March 2015.
Sinks intends to remain with the company through January 31, 2020 and on the board through October 31, 2019.
Patrick Sinks has been the Company’s Chief Executive Officer since 2015.
He has served as the Company’s President and Chief Operating Officer since 2006 and held senior executive positions with MGIC for more than five years before then.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 30.2019 ($).