MGIC Announces Jay J. Hughes, Executive Vice President of Sales and Business Development to Retire; Danny Garcia-Velez to Lead Sales and Business Development

Rhea-AI Summary

MGIC Investment Corporation (NYSE: MTG) announced the retirement of Jay Hughes, Executive Vice President of Sales and Business Development, effective August 1, 2023. He will transition to the role of Special Advisor on April 1, 2023. Hughes, who has been with the company for over 35 years, will be succeeded by Danny Garcia-Velez, who brings significant experience and has held various leadership roles since joining in 2017. CEO Tim Mattke praised Hughes' contributions, emphasizing the impact of his legacy on the organization. The leadership transition is aimed at maintaining strong sales and business development to support MGIC's mission of facilitating affordable homeownership.

Positive

• Leadership transition with a successor who has a strong background in sales and marketing.
• Jay Hughes has had a long and successful career, indicating stable leadership prior to retirement.

Negative

• None.

MILWAUKEE, Jan. 19, 2023 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), today announced Jay Hughes, Executive Vice President of Sales and Business Development, will be stepping into the role of Special Advisor to the Chief Executive Officer effective April 1, 2023 in anticipation of his retirement on August 1, 2023. Shortly after Mr. Hughes moves into this transitional role, Danny Garcia-Velez, Group Vice President- Regional Sales and Marketing, will become the new Sales and Business Development leader of MGIC.

Mr. Hughes has served MGIC for more than 35 years, growing his career and helping steer the organization's sales and marketing practices through countless industry changes in that time. He began with MGIC in 1987 in Washington, D.C. as an Account Executive. After moving to California in 1998 as a Sales Manager, he was promoted to Managing Director in 2001 where he managed the Pacific Region. He moved to Milwaukee in 2015 to assume the role of Senior Vice President of Sales and Development and was promoted to his current role in 2017. 

"The true strength of MGIC is its people. There is not a person that I think better embodies that than Jay.  His dedication to doing what is right for his co-workers and our customers has been a shining example for others.  That legacy will continue well past his retirement," said Tim Mattke, Chief Executive Officer.

Mr. Garcia-Velez joined MGIC in 2017, bringing extensive experience in housing policy, product management and community development. He quickly stood out as a leader and innovator in his work designing marketing strategies for several of MGIC's customer channels and has taken on successive leadership roles in the ensuing years. In August 2020, he was promoted to Vice President of Business Development, and in 2022 he was again promoted to Group Vice President, head of regional sales and marketing.

"Danny's skillset and character make him the ideal candidate to lead our Business Development and Sales teams. Danny's leadership will help us build on the legacy Jay established and position us to best meet the needs of our customers," said Sal Miosi, President and Chief Operating Officer    

About MGIC

Mortgage Guarantee Insurance Corporation (MGIC) (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

From time-to-time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website, and it intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

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SOURCE MGIC Investment Corporation

FAQ

Who is replacing Jay Hughes at MGIC?

Danny Garcia-Velez will succeed Jay Hughes as the new leader of Sales and Business Development at MGIC.

When will Jay Hughes retire from MGIC?

Jay Hughes is set to retire on August 1, 2023, after transitioning to a Special Advisor role on April 1, 2023.

How long has Jay Hughes worked at MGIC?

Jay Hughes has worked at MGIC for over 35 years, starting in 1987.

What is Danny Garcia-Velez's experience at MGIC?

Danny Garcia-Velez joined MGIC in 2017 and has held various leadership roles, currently serving as Group Vice President of Regional Sales and Marketing.