MGIC Investment CFO to Step Down
Starting early next year, MGIC Investment will have a different nameplate on the door of its CFO's office. The company announced that the man currently occupying that position, J. Michael Lauer, is retiring as of Feb. 28, 2014. His place will be taken by Timothy Mattke, who is presently controller at the private mortgage insurance provider.
Mattke, a seven-year veteran of the company, has been controller since 2009. Prior to his time at MGIC he worked as an audit manager and auditor at PricewaterhouseCoopers.
Lauer has been MGIC's CFO since 1989. The company said in a press release that he will make himself available in an advisory capacity for one year after his retirement.
MGIC released its third-quarter results last week. For the period, it took in total revenues of $254 million and netted a profit of $12.1 million ($0.04 per diluted share), compared to $306 million and a loss of $246.9 million ($1.22), respectively, in the third quarter of 2012.
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