Stonegate Mortgage Elects New Board Chair
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Stonegate Mortgage Corp. (NYSE: SGM) has named Richard Kraemer board chairman. He has been on the board since last year and will succeed Richard Mirro. May 30, 2014
News Release
INDIANAPOLIS, Ind. – Stonegate Mortgage Corporation (NYSE:SGM), a leading publicly traded mortgage company focused on originating, financing and servicing U.S. residential mortgage loans, today announced that Richard A. Kraemer has been elected Chairman of the Board of Directors in a non-executive capacity. Richard Mirro, who had been Lead Director charged with management of the oversight functions of the Board of Directors, will remain on the Board and continue in his role as Chairman of the company's Audit Committee.
Commenting on Mr. Kraemer's election as Chairman, Jim Cutillo, founder and CEO of Stonegate Mortgage said, “Richard Kraemer has been an essential member of our Board and his insights and experience will be invaluable as he assumes leadership of the Board of Directors and provides strategic direction to its oversight functions. On behalf of the Board, the management team and the employees of Stonegate, I want to thank Rich Mirro for his service as Lead Director, particularly through the IPO process. We are pleased that he will remain on the Board and continue to provide leadership and service as the Chairman of our Audit Committee.”
Mr. Kraemer has been a member of Stonegate's Board of Directors since May 2013 and brings with him over 35 years of experience in the residential housing finance industry. He has held several senior executive positions at multiple banks and public companies as well as served on several boards of public and private companies. Mr. Kraemer served as Chairman of the Board of Directors of Saxon Capital Inc., a publicly-traded mortgage real estate investment trust (“REIT”), from 2001 through 2006. Mr. Kraemer is a member of the Board of Directors of FBR Capital Markets. He also served as a trustee and member of the audit committee of American Financial Realty Trust (NYSE:AFR), a publicly-traded REIT, from 2002 to 2008 and served as a director of Urban Financial Group, Inc. from 2001 to 2013.
From 1996 to 1999, Mr. Kraemer was Vice Chairman of Republic New York Corporation, a publicly-traded holding company for Republic National Bank. From 1993 to 1996, Mr. Kraemer was Chairman and Chief Executive Officer of Brooklyn Bancorp, a publicly-traded holding company for Crossland Federal Savings Bank. Mr. Kraemer earned his Bachelor of Science degree in Business Administration with a major in Real Estate from Pace University, New York.
About Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage Corporation (NYSE:SGM) is a leading, publicly traded, mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators. Stonegate Mortgage also provides financing through its fully integrated warehouse lending platform, NattyMac. Stonegate Mortgage's operational excellence, financial strength, dedication to customer service and commitment to technology have positioned the firm as a leading provider in the emerging housing finance market.
For more information on Stonegate Mortgage Corporation, please visit www.stonegatemtg.com.
Source: Stonegate Mortgage Corp.