The current president of Reverse Mortgage Solutions will now serve as its parent company’s interim CEO and president.
Ditech Holding Corporation (NYSE: DHCP) — until early this month known as Walter Investment Management Corporation — this week announced the promotion of Jeffrey Baker to the top spot. His predecessor, Anthony Renzi, departed the company shortly before it emerged from Chapter 11 bankruptcy protection on February 9.
“Jeff is a seasoned turnaround professional and an outstanding business leader, and we are pleased to appoint him interim CEO in this exciting and important time for Ditech Holdings,” chairman Thomas Marano said in a statement.
“Jeff played an important role in leading the turnaround of the company’s reverse mortgage business, and has taken on increasing responsibilities serving as chief operations officer since December 2017.”
Baker assumed the presidency of RMS in October 2016 after joining Walter/Ditech in the summer of 2015. Before that, he’d spent most of his career as a partner with Pricewaterhouse Coopers, and was also the co-founder and CEO of corporate restructuring firm Mayday Capital Advisors.
RMS ceased originating Home Equity Conversion Mortgages in January 2017, when Walter halted all reverse mortgage lending and shuttered its Security One Lending HECM division. RMS continues to service existing reverse mortgages.
As the interim CEO, Baker will remain at the helm of RMS but relinquish his COO title. Ditech also continues to search for a permanent replacement for Renzi with the help of executive search firm Heidrick & Struggles.
Written by Alex Spanko