Radian Announces Addition of Two New Directors, Retirement of One Director and Expansion of Share Repurchase Authorization
Debra Hess and David Stevens join Board of Directors; Stephen Hopkins
to retire from Board after serving for 20 years; and company expands
share repurchase authorization to $250 million
PHILADELPHIA--(BUSINESS WIRE)--Mar. 20, 2019--
Radian Group Inc. (NYSE: RDN) announced today the addition of two new
members to its Board of Directors and the future retirement of one
director upon completion of his current term. The company also announced
the Board’s authorization to expand its existing share repurchase
program from $100 million to $250 million.
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Dave Stevens (Photo: Business Wire)
Board Appointments
Debra Hess, former CFO of NorthStar Asset Management Group and NorthStar
Realty Finance Corp., and David H. Stevens, former president and CEO of
the Mortgage Bankers Association (MBA), have joined Radian’s Board of
Directors.
"Radian is pleased to have Debra and Dave join our Board of Directors,"
said Radian’s Chairman Herb Wender. "Their leadership, strategic insight
and depth of experience in the mortgage and real estate industries and
government affairs will help strengthen Radian’s position as a
market-leading residential mortgage and real estate services enterprise.
The addition of two highly qualified directors with skills that
complement our strategic focus reinforces our commitment to strong
corporate governance and enhancing stockholder value." Hess and Stevens
were nominated for election to the board following a comprehensive
search process conducted by the board's Governance Committee.
"Radian has a strong, independent Board of Directors composed of proven
leaders in mortgage banking, real estate, government, business
operations, and capital and secondary markets,” said Radian’s Chief
Executive Officer Rick Thornberry. “The addition of Debra and Dave will
further strengthen our Board and provide us with valuable insight and
guidance to execute our strategic plan for strong growth, value creation
and stockholder returns.”
Board Retirement
In addition, Radian announced that Stephen T. Hopkins, a director of
Radian since 1999, intends to retire from the Board following completion
of his current term at the Company’s 2019 Annual Meeting of
Stockholders. He has served as the Chairman of Radian’s Compensation and
Human Resources Committee since 2002, and also currently serves as a
member of the Board’s Governance Committee and Finance and Investment
Committee.
“Radian has been extremely fortunate to have benefited from the service
of Steve for two decades,” said Wender. “His experience, leadership and
knowledge of the mortgage insurance industry has been invaluable, and on
behalf of the company I wish him well in his retirement.”
Expanded Share Repurchase Authorization
The Board of Directors also approved a $150 million increase in
authorization for the company’s existing share repurchase plan, for
which the full purchase authority of up to $100 million remains
available. Based on these actions, the share repurchase plan provides
Radian the flexibility to repurchase shares opportunistically from time
to time and spend up to $250 million, based on market and business
conditions, stock price and other factors. The expanded authorization is
effective immediately and expires on July 31, 2020. Radian plans to
utilize a Rule 10b5-1 plan, which would permit the company to purchase
shares, at pre-determined price targets, when it may otherwise be
precluded from doing so.
About Debra Hess
Debra Hess, 54, served as the chief financial officer of NorthStar Asset
Management Group and NorthStar Realty Finance Corp. from 2011 until 2017
when both NorthStar companies merged with Colony Capital to form Colony
NorthStar, Inc. the fifth largest global real estate management company.
Prior to her role with NorthStar, Hess was a managing director of
Fortress Investment Group where she also served as CFO of Newcastle
Investment Group, a mortgage REIT managed by Fortress and CFO of H/2
Capital Partners. She also previously held various positions at Goldman
Sachs & Company, Chemical Banking Corporation, and Arthur Anderson &
Company. Hess serves on the boards of AG Mortgage Investment Trust,
Inc., a publicly traded company, and CenterPoint Properties Trust.
About David H. Stevens
David H. Stevens, 62, joined the MBA in 2011 and retired as president
and CEO in September 2018. MBA, headquartered in Washington, D.C., is
the national association that represents the real estate finance
industry and works to strengthen the nation’s residential and commercial
real estate markets, expand homeownership, and improve access to
affordable housing. Prior to his position with MBA, Stevens served the
Obama Administration and, after being confirmed by the U.S. Senate,
served as Assistant Secretary of Housing and Federal Housing
Commissioner until 2011. Before his government role, Stevens held the
position of President and Chief Operating Officer of the Long & Foster
Companies, including the core real estate company and all affiliated
businesses of mortgage, settlement services and insurance. With more
than 30 years of experience in mortgage finance, he has held executive
level positions in sales, acquisition, investment, risk management and
regulatory oversight for organizations including Wells Fargo, Freddie
Mac, and World Savings. Stevens serves on the board of Dynex Capital,
Inc., a publicly traded internally managed real estate investment trust
which invests in mortgage assets on a leveraged basis. In addition, he
is senior advisor to Mortgage Media and is currently focused on advisory
efforts in real estate finance and providing technical and strategic
consultation to financial institutions and intermediaries.
About Radian
Radian is ensuring the American dream of homeownership responsibly and
sustainably through products and services that include industry-leading
mortgage insurance and a comprehensive suite of mortgage, risk, real
estate, and title services. We are powered by technology, informed by
data and driven to deliver new and better ways to transact and manage
risk. Learn more about Radian’s financial strength and flexibility at www.radian.com
and visit www.radian.com
to see how Radian is shaping the future of mortgage and real estate
services.
Forward-looking Statements
All statements in this report that address events, developments or
results that we expect or anticipate may occur in the future are
“forward-looking statements” within the meaning of Section 27A of the
Securities Act of 1933, Section 21E of the Exchange Act and the U.S.
Private Securities Litigation Reform Act of 1995. In most cases,
forward-looking statements may be identified by words such as
“anticipate,” “may,” “will,” “could,” “should,” “would,” “expect,”
“intend,” “plan,” “goal,” “contemplate,” “believe,” “estimate,”
“predict,” “project,” “potential,” “continue,” “seek,” “strategy,”
“future,” “likely” or the negative or other variations on these words
and other similar expressions. These statements, which may include,
without limitation, projections regarding our future performance and
financial condition, are made on the basis of management’s current views
and assumptions with respect to future events. Any forward-looking
statement is not a guarantee of future performance and actual results
could differ materially from those contained in the forward-looking
statement. These statements speak only as of the date they were made,
and we undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. We operate in a changing environment where new risks emerge
from time to time and it is not possible for us to predict all risks
that may affect us. The forward-looking statements, as well as our
prospects as a whole, are subject to risks and uncertainties that could
cause actual results to differ materially from those set forth in the
forward-looking statements.
For more information regarding these risks and uncertainties as well as
certain additional risks that we face, you should refer to the Risk
Factors detailed in Item 1A of our 2018 Form 10-K, and to subsequent
reports filed from time to time with the SEC. We caution you not to
place undue reliance on these forward-looking statements, which are
current only as of the date on which we issued this report. We do not
intend to, and we disclaim any duty or obligation to, update or revise
any forward-looking statements to reflect new information or future
events or for any other reason.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190320005173/en/
Source: Radian Group Inc.
Emily Riley – Phone: 215.231.1035
Email: emily.riley@radian.com
Rashi
Iyer – Phone: 215.231.1167
Email: rashi.iyer@radian.com
