Walter Ditches Ditech President as New CEO Streamlines Leadership

David Schneider, the president of Ditech Financial, and executive vice president and chief operating officer of its parent company Walter Investment Management Corp., has left the company.

The move was effective Oct. 12.

"Mr. Schneider's departure is related to a broader plan to realign the company's management structure. The new structure is designed to flatten the organization, with the intent of making it leaner and more effective," according to a Securities and Exchange Commission filing made on Friday.

Schneider became president of Fort Washington, Pa.-based Ditech in February as the company unified the leadership of its servicing and origination units.

Now the heads of "certain key operating units" are reporting to Tampa, Fla.-based Walter Investment's CEO and President Anthony Renzi, who recently joined the company. The SEC filing had no additional details about the new management structure.

During the summer, Ditech announced plans to close three offices, reducing its headcount by approximately 180 people.