Indianapolis-based Stonegate Mortgage Corp. (NYSE: SGM) has named an interim chief executive officer to succeed founder and CEO Jim Cutillo. Richard Kraemer, who will also continue as chairman of the board, will assume the role September 10.
Cutillo will stay on with Stonegate, the company he started in 2005, as a consultant for six months through the leadership transition. He said, "the strategic investments we have made in technology have positioned the company for growth and success so now is the right time for me to leave Stonegate. I am looking forward to working with Rich, Jim and others to transition the day-to-day leadership of the company and will be redirecting my entrepreneurial energy on a new endeavor going forward."
Kraemer said Cutillo has "grown Stonegate from its inception as a local Indiana residential mortgage company into a fast-growing public company operating in 48 states. Jim has led the company through a period of great change and growth, and his efforts are greatly appreciated."
The company has also named James Smith president and chief operating officer. Smith, a former senior vice president of Bank of America Corp, has been director of U.S. mortgage operations for global information technology and business process outsourcing company Wipro Ltd.
Earlier this month, Stonegate reported a second quarter net income of $11.1 million, compared to a loss of $11.1 million during the same period the previous year.