Mattke promoted to CEO of MGIC
Timothy Mattke, chief financial officer of MGIC Investment Corp. since 2014, has been promoted to chief executive officer of the Milwaukee-based mortgage insurer.
Mattke, 43, succeeds Patrick Sinks, 62, a four-decade veteran of MGIC who succeeded Curt Culver as CEO four years ago. Sinks, who also relinquished the title of president, has been named vice chairman of the company and will assist in the management transition. The promotion of Mattke is effective immediately, MGIC said.
In a statement Thursday, Culver, who is MGIC’s chairman, praised Sinks’ leadership and the company’s progress during his tenure. Mortgage insurers like MGIC cover part of a lender’s costs if mortgages go into foreclosure.
“The company significantly improved its return on equity and shareholder value because of his leadership,” Culver said of Sinks. “The board’s selection of Tim to succeed Pat demonstrates its confidence in Tim’s leadership skills and vision for the company. We are confident Tim will continue implementing effective strategic initiatives to continue to improve ROE and maximize shareholder value.”
Mattke, who also was elected to the MGIC board, joined MGIC in 2006. He served as executive vice president and CFO since 2014 and as controller from 2009 to 2014. Previously, Mattke held positions within the company’s accounting and finance departments.
Before joining the company, Mattke was an audit manager with PricewaterhouseCoopers LLP. He has a master’s degree in accountancy from the University of Wisconsin-Madison and is a certified public accountant.
“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,” Sinks said. “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.”
In addition to Mattke’s promotion to CEO, the company Thursday announced two other management moves:
❚ Salvatore Miosi, 53, an MGIC employees since 1988 and executive vice president for business strategies, has
been named president and chief operating officer.
❚ Nathaniel Colson, 36, vice president of finance, was appointed executive vice president and chief financial officer.
“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.”
MGIC posted a profit of $670.1 million on revenue of more than $1.1 billion in 2018. Through June 30 this year, it had $213.9 billion of primary insurance in force, covering approximately a million mortgages.