Patrick Sinks, 57, will take Culver’s place as CEO and join the board of directors. Culver, 62, will become non-executive chairman. Sinks currently serves as president and chief operating officer of both MGIC and its principal subsidiary, Mortgage Guaranty Insurance Corp., at which the same changes will occur.
"The board appreciates Curt's leadership and his management of the company throughout his tenure as CEO, including developing executive talent,” said Kenneth Jastrow II, lead director of MTG. “The board's selection of Pat shows its confidence that Pat will be an excellent leader, and along with the rest of the management team, will continue to move the organization forward."
Sinks has been president and COO since January 2006. He served as executive vice president-field operations from 2002 to 2006. Sinks has also worked as senior vice president-controller and chief accounting officer, and in other accounting and finance roles at the company. He holds an MBA from the University of Wisconsin-Milwaukee and a bachelor’s in accounting from the University of Mary.
"I am honored to continue to build on the strong foundation that Curt has established,” Sinks said. “His strategic vision, thoughtful leadership, business acumen and personal style have enabled MGIC to be a leader in our industry. Our company is well positioned for the future and our management team is as strong as it has ever been. I am confident that we will deliver the results our shareholders, customers and co-workers expect and deserve."
Culver joined MGIC in 1982 and became president in 1999. He was CEO and president from 2000 to January 2006. He has served as CEO and chairman since January 2005.
"I have been very fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people,” Culver said. “Pat has been a very important contributor to our company's success since he joined us 36 years ago. We have a tradition of internally developing our CEOs and I am proud that we have someone of Pat's caliber and expertise to lead us. I am confident that Pat's extensive industry knowledge, client-first approach and strategic vision will enable our company to prosper well into the future. My charge as non-executive chairman is to ensure a smooth transition and enable Pat to focus all of his energy on running the company."