Wingspan Portfolio Advisors LLC has confirmed that its founder has been ousted from his chief executive officer role as the company unloads a subsidiary and gets a capital infusion.
Steven Horne founded the Dallas-based company in 2008. He has served as president and CEO since its founding.
Under his leadership, staffing at Wingspan has reached 2,000 employees. In addition, the distressed loan servicer has been named to the Inc. 500 two times.
But Horne’s time as Wingspan’s leader has come to an end.
On Friday, the company announced that Horne has been relieved of his CEO duties and will now serve in “a senior advisor position.”
Rumors of Horne’s exit first emerged earlier this month in published reports.
Stepping in as the company’s new chief is Jason Spooner, who started at Wingspan in 2012. He was promoted from his job as executive vice president of national operations.
Spooner reportedly has two decades in the mortgage business, including time at Bank of America, SunTrust and Wells Fargo.
Wingspan also announced that it has divested itself of Dimont & Associate, which it acquired in May 2013.
In addition, Wingspan’s stockholder investor group has made a multi-million dollar capital infusion.
Horne noted in the news release that with the new capital, the company is debt-free and has a stronger balance sheet than it has ever had.
The major events for Wingspan follow its disclosure earlier this month of planned layoffs in Florida and Louisiana.
“Over the past year, like many other companies in the servicing industry, Wingspan has experienced a fair degree of turbulence as the industry is successfully transitioning out of the default crisis,” Horne explained.
