- Signs for push-out forces
- After around two years on the job
- Laud, praise and words of regret for Farrell
- Adam Pollitzer taking over
(management-change.com) — Emeryville, California, February 03, 2017 — Glenn Farrell, finance chief of NMI Holdings, leaves. As announced by NMI Holdings, Inc. in a news release on Friday, February 03, 2017, Glenn Farrell leaves the post as chief financial officer at the provider of private mortgage guaranty insurance services after around two years on the job, effective May 02, 2017.
Farrell leaves the company effective July 31, 2017.
As of May 2, 2017, Farrell will step down as chief financial officer but will remain executive vice president and chief accounting officer until his retirement.
Farrell’s duties are taken over by Adam Pollitzer, most recently managing director in the Corporate and Investment Banking division at J.P Morgan Securities LLC.
The move is a generational change as well. Adam Pollitzer is about 27 years younger than Glenn Farrell.
The fact that Farrell’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
NMI Holdings said: Glenn Farrell, executive vice president and chief financial officer, “plans to retire on July 31, 2017.”
Precise information about the future plans of Farrell was not immediately available.
Share price rise since April 2016
The change follows a rise in the share price of NMI Holdings, Inc. since April 2016.
Oaktree holds 9.84 percent stake
Oaktree Capital Management, LP reported a 9.84 percent stake in NMI Holdings, Inc. as of September 30, 2016. Oaktree is a privately owned hedge fund sponsor.
Chaired by Bradley M. Shuster
NMI Holdings, Inc. is chaired by Bradley M. Shuster.
Shuster serves as Chairman of the Board and Chief Executive Officer (CEO), positions he has held since April 2012.
On the job as CFO since 2015
Farrell has served as Executive Vice President and Chief Financial Officer since January 1, 2015.
Prior to NMI, Farrell served as chief financial officer for TerraLogix Group, LLC, a private waste-to-energy company, from 2013 to 2014.
From 1989 to 2012, he was an engagement partner in the audit practice of KPMG LLP (KPMG).
Prior to 2009, he held various positions with KPMG, including partner-in-charge for its Northern California business unit, member of the leadership team for Western Area assurance, leader of the Northern Pacific Area for food and packaged goods and Northern California geographic leader for the manufacturing practice.
In his roles at KPMG, Farrell was responsible for overseeing SEC reporting, business process analysis, Sarbanes-Oxley compliance and mergers and acquisitions.
Farrell is a member of the American Institute of Certified Public Accountants and California Society of Certified Public Accountants and is licensed in the State of California.
He holds a B.A. in mathematics from Amherst College and an M.B.A. in finance and accounting from The Anderson School of Management – University of California, Los Angeles.
Farrell is a member of the board of directors of the YMCA of San Francisco and is a director emeritus of Goodwill Industries of San Francisco.
Signs for push-out forces
It is not completely certain what forces eventually triggered Glenn Farrell’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 06.2017 ($).