Milwaukee-based MGIC Investment Corp. announced a series of leadership changes Thursday, including promoting chief financial officer Tim Mattke to CEO.
The company also named Salvatore Miosi as president and chief operating officer and Nathaniel Colson as executive vice president and CFO. Miosi was previously executive vice president for business strategies and operations while Colson was vice president of finance.
“We are well-positioned for the future and our management team is as strong as it has ever been,” Mattke said. “The promotions of Sal and Nathan, each of whom is incredibly talented, speaks to the depth of our internal management team bench. I am confident that, together, we will deliver the results our shareholders, customers and co-workers expect and deserve."
Patrick Sinks, MGIC’s previous CEO, was named vice chairman of the company’s board and relinquished his roles as president and CEO. Sinks has been with MGIC for 41 years and was names CEO in 2015. He will remain on the company board until Oct. 31 and with the company until Jan. 31, 2020.
Curt Culver, MGIC chairman, praised Sinks for his leadership, management and development of executive talent, adding the company had also improved return on equity and shareholder value because of his leadership.
"I have been fortunate to have had a long and successful career with a wonderful company and to have worked with so many talented people. Tim has been a key contributor to our company's success since he joined us 13 years ago and is well-suited to be our next leader," said Sinks. "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. I am confident that Tim's leadership will enable our company to continue to prosper well into the future.”