A permanent replacement has been found for Stonegate Mortgage Corp.’s top executive position after more than six months with an interim leader.
In August 2015, Jim Cutillo — who founded the Indianapolis-based mortgage banker in 2005 — was pushed out of the publicly traded company.
The chief executive officer vacancy left by Cutillo’s departure was filled, on an interim basis, by Stonegate Mortgage Chairman Richard A. Kraemer.
On Monday, a news release indicated that Stonegate Mortgage President and Chief Operating Officer James V. Smith has been promoted to the CEO job.
Smith originally came on board with Stonegate in September 2015.
His more than a quarter century in the business
includes time with Bank of America Corp. He also served as president of Saxon Mortgage.
“Jim’s deep experience in the mortgage industry makes him uniquely qualified to lead Stonegate,” Kraemer stated in the announcement. “We expect his strong execution skills and ability to deliver tangible results to enhance shareholder value.”
Smith will retain his role as president.
