Radian Group Inc. (NYSE: RDN) announced that Chief Executive Officer Rick Thornberry will retire in December 2026 after nearly a decade leading the mortgage insurance company. The Board of Directors has appointed Mike Weinbach as CEO-elect, effective June 1, 2026.

Weinbach will assume the chief executive role and join the board on August 13, 2026. Thornberry will serve as a strategic advisor through his retirement on December 31, 2026, according to the company statement.

During Thornberry's tenure since 2017, the company tripled book value per share on a total return basis, including dividends, achieving a 13.4% compounded annual growth rate. The company completed a $1.7 billion acquisition of Inigo Limited, a Lloyd's specialty insurer, which closed February 2, 2026, marking Radian's entry into the global specialty insurance market.

Weinbach brings 30 years of experience in financial services, data, and technology. He most recently served as President of Mr. Cooper Group, leading the mortgage servicer through its acquisition by Rocket Companies in 2025. Previously, he was CEO of Consumer Lending at Wells Fargo, overseeing home, auto, student, and personal lending operations for more than 40,000 employees.

Before Wells Fargo, Weinbach spent 16 years at JPMorgan Chase, ultimately serving as CEO of Chase Home Lending. He began his career as an investment banker at Citigroup and holds an MBA from Harvard Business School and a bachelor's degree in economics from The Wharton School.

"In Mike, we found someone who distinguished himself throughout the process – not only for his track record of leading large, diversified and complex businesses, but for the thoughtfulness and discipline with which he thinks about the road ahead," said Howard Culang, Non-Executive Chairman of the Board.

The company engaged Russell Reynolds Associates to conduct the executive search process for the new CEO position.