Radian Group has selected a new chief executive officer to succeed S.A. Ibrahim, who
Richard Thornberry, 58, will join Radian as CEO and a member of the board of directors on March 6. He comes to Radian having most recently served as chairman and CEO of NexSpring Group, a mortgage industry advisory and technology services provider that he co-founded in 2006.
Thornberry "emerged as our top candidate due to his leadership and experience in the mortgage finance industry," Herb Wender, Radian's non-executive chairman of the board, said in a news release. "We are confident that he is the leader to steer Radian forward."
Radian Group's subsidiary, Radian Guaranty, provides private mortgage insurance. Radian Group also owns Clayton Holdings, Green River Capital, Red Bell Real Estate and ValuAmerica, which offer analytics, consulting and other services to financial institutions and investors.
Before NexSpring, Thornberry co-founded and served as CEO and president of
Previously in his career, Thornberry was the president and chief operating officer of Citicorp Mortgage. He also held executive positions at Prudential Home Mortgage Co., including chief financial officer.
Ibrahim will leave Radian Group having helped recapitalize the company through share offerings to help it recover from the financial crisis. Ibrahim joined the company in 2005, having served as CEO of GreenPoint Financial Corp. and head of the mortgage unit at Chemical Bank.
