The former Walter Investment Management has seen a virtual revolving door of chief executives over the last two years – but the board chairman says the new interim CEO is a ‘seasoned turnaround professional’
Ditech Holding Corporation (formerly Walter Investment Management Corp.) has – for the fifth time in two years – named a new CEO.
The company, which changed its name after emerging from bankruptcy earlier this month, has named Jeffrey Baker as its interim CEO. Baker succeeds Anthony Renzi, who announced his departure earlier this month and has now left the company. Prior to his appointment, Baker served as company COO and president of its subsidiary, Reverse Mortgage Solutions. He will continue to serve in the latter capacity, but will no longer serve as Ditech Holdings’ COO, the company said.
Ditech Holding is continuing its search for both internal and external candidates to serve as its permanent CEO, the company said. It has engaged executive search firm Heidrick & Struggles to assist with the search.
“Jeff is a seasoned turnaround professional and an outstanding business leader and operator, and we are pleased to appoint him interim CEO during this exciting and important time for Ditech Holding,” said Thomas F. Marano, chairman of the company’s board of directors. “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. We are confident in his abilities to lead Ditech Holding and ensure a smooth leadership transition as we complete our search for a permanent CEO.”
Ditech Holding had endured some stormy weather over the last few years. It filed for bankruptcy last year and has seen the exit of several key executives and a virtual revolving door of CEOs. Baker will be the fifth person to lead the company in just over two years.
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Walter Investment Management emerges from Chapter 11 with a new name
Ditech parent’s CEO to step down
