Taco Bell International president Melissa Lora has been elected to the board of Milwaukee-based MGIC Investment Corp. and Mortgage Guaranty Insurance Corp., its principal subsidiary.
Lora has been president of the Taco Bell International segment of Taco Bell Corp., which is a subsidiary of mega restaurant company Yum! Brands Inc., since 2013. She has worked at Taco Bell Corp. for 30 years, and has served in other leadership roles including global chief financial and development officer, chief financial and development officer, and chief financial officer. Lora, 54, will retire from Taco Bell this summer.
At MGIC, Lora will serve on the risk management and audit committees. She fills a spot vacated by retiring director Donald Nicolaisen in October 2016. The 11-member board now includes two women. There is expected to be some turnover in the board soon, since MGIC directors are required to retire at 74, said MGIC spokesman Michael Zimmerman.
The other directors’ ages as of MGIC’s June proxy statement are: Daniel Arrigoni, 66; Cassandra Carr, 72; C. Edward Chaplin, 60; Curt Culver, 65; Timothy Holt, 64; Kenneth Jastrow II, 70; Michael Lehman, 66; Gary Poliner, 64; Patrick Sinks, 60; and Mark Zandi, 58.
As a non-employee director at MGIC, Lora is set to earn an annual cash retainer of $150,000 for board membership, plus $20,000 for both her audit and risk management committee membership, as well as $5,000 for each board meeting attended after the first five. She also received 6,235 share units of MGIC stock.
Lora also serves as lead independent director and chairs the audit committee at KB Home.
“We are excited about Melissa’s addition to the board,” said Curt Culver, chairman of MGIC Investment. “Her substantial executive management, financial and marketing experience makes her a natural fit and we look forward to her contributions.”
