National MI Announces Changes to Executive Leadership

NMI Holdings, parent company of National Mortgage Insurance Corporation, announced a shakeup in its executive ranks, starting with the promotion of Jay Sherwood to the role of president.

A co-founder of National MI, Sherwood has more than two decades of experience in finance, securities, and investments and has held various leadership positions at the company since its start, including EVP and his current position, CFO. His promotion is effective January 1, 2015.

In his new role, Sherwood will be responsible for overseeing National MI's sales, insurance operations, and information technology functions.

"Jay has been a key leader in National MI's launch and success," said current company president Bradley Shuster, who will remain on as CEO and chairman of NMI Holdings' board. "Jay's promotion to president recognizes the expanded role and responsibility he is assuming. I am confident that Jay will continue to play an instrumental part in the future growth of our company."

Stepping into Sherwood's role as CFO is new hire Glenn Farrell, who joins the company after spending 33 years at accounting and consulting firm KPMG. Throughout his career there, he served as senior advisor to a wide range of domestic and international clients, from start-ups to Fortune 1000 firms.

"Glenn brings invaluable financial management experience and expertise to National MI," Shuster said. "We are very happy to have him join our leadership team."