Joseph Tomkinson, the CEO and chairman, of Impac Mortgage Holdings, is stepping down later this year, the company announced recently.
Tomkinson has led the company since it went public in 1995.
According to the company, Tomkinson plans to step down officially on July 31, 2018. After stepping down as CEO and chairman, Tomkinson will remain on the company’s board of directors.
“When we took Impac public in 1995, I could never have imagined what a tremendous journey we would all be embarking on. Through the good times and the difficult times, I have always tried to do what is in the best interest of our shareholders and employees,” Tomkinson said in a statement.
When the company announced Tomkinson’s departure, it also announced that it hired George Mangiaracina as the company’s president. The company said that it expects to elevate Mangiaracina to CEO when Tomkinson steps down.
Mangiaracina joined the company’s senior management team as executive vice president and managing director in January 2015.
Prior to joining Impac, Mangiaracina spent more than 20 years in the securities and mortgage banking industries. From 1992 through 2008, he served as a managing director of UBS. From 2009 through December 2013, he served in the same role at Deutsche Bank.
During his time at UBS, Mangiaracina was responsible for the proprietary trading and financing of a portfolio of residential whole loans in excess of $25 billion.
While at Deutsche Bank, Mangiaracina liquidated a whole loan legacy portfolio in excess of $3 billion, managing related risk and counterparty exposures.
In a release, Tomkinson said that Mangiaracina has been a member of the “Impac family” since the company was founded, including shepherding the company’s acquisition of CashCall Mortgage in 2015.
“Looking back, I can honestly say that I have given Impac all that I have and am very proud of what we have accomplished. When we hired George Mangiaracina in 2015, the company began to prepare the company’s succession plan,” Tomkinson said.
“George has been part of the Impac family since its inception. From being one of the bankers involved with taking the company public in 1995, to providing the company with its first warehouse line of credit, helping the Company navigate the financial crisis of 2007, and finally being the architect of the CashCall Mortgage transaction, George has been an integral part of the company for over 22 years,” Tomkinson said.
“It gives me great pride to be able to turn the company over to George and so many of our talented young leaders, enabling them to grow the Company into their own vision,” Tomkinson concluded. “I’ll continue to provide leadership in whatever capacity is needed as I maintain my position on Impac’s board of directors.”
In addition to promoting Mangiaracina, Impac also named Rian Furey its chief operating officer. Furey joined the company late last year as its president of direct lending, which is conducted via CashCall.
Furey came to Impac from loanDepot, where he served as chief administrative officer. Furey previously held executive positions in the direct lending businesses of Nationstar Mortgage, Discover Financial Services, and LendingTree.
In addition to serving as Impac’s chief operating officer, Furey will continue to oversee all of CashCall’s operations.
Tomkinson’s departure is the company’s second high-profile resignation of late.
In November, the company’s long-time president, Bill Ashmore announced that he would be stepping down after serving in the role since 1995. Ashmore was also Impac’s chief operating officer, a position now being filled by Furey.
“Joe, thank you for your commitment and dedication to the Impac family,” Mangiaracina said of the man he’ll soon replace.
“I am pleased to have earned the board of director’s and your confidence to lead the company in the future. In this endeavor, I will be guided by the core principles you have instilled in this organization; integrity, indomitable spirit, respect for employees and counterparts, and creation of shareholder value,” Mangiaracina added.
“On a personal note, what will endure is our friendship,” Mangiaracina concluded. “For over two decades, I have benefited from your counsel and wisdom, and have gained immeasurable lessons in life as well as business. For this, I am forever grateful.”
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