8-K
RADIAN GROUP INC (RDN)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 13, 2023
Radian Group Inc.
(Exact Name of Registrant as Specified in its Charter)
| Delaware | 001-11356 | 23-2691170 |
|---|---|---|
| (State or Other Jurisdiction<br><br> <br>of Incorporation) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
| 550 East Swedesford Road,<br> Suite 350<br><br> <br>Wayne, Pennsylvania, 19087 | ||
| --- | ||
| (Address of Principal Executive Offices, and Zip Code) |
(215) 231-1000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | RDN | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Directors
As previously announced, on February 13, 2023, upon the recommendation of the Governance Committee of the board of directors (the “Board”) of Radian Group Inc. (the “Company”), the Board increased the size of the Board from ten to eleven directors and appointed a new director, Fawad Ahmad, to the Board.
Mr. Ahmad, 46, currently is serving as Senior Vice President and Chief Digital Officer at State Farm Mutual Automobile Insurance Company (“State Farm”), a property and casualty insurance provider that, with its affiliates, is the largest provider of auto and home insurance in the United States, where he leads State Farm’s Enterprise Technology function. Mr. Ahmad joined State Farm in 2016 as Vice President of Digital, and in 2017, was promoted to Vice President in Enterprise Technology – Customer Experience, a role that he held until assuming his current position in 2019. Before joining State Farm, from 2013 to 2016, Mr. Ahmad held leadership roles at Staples Inc., an industry leader in workspace products, including General Manager of Global Omnichannel Product and Strategy. Before that, Mr. Ahmad held the role of General Manager of the North America Core Shipping Platform at eBay Inc., a global commerce leader, responsible for leading the function’s strategy, operations, and strategic partnerships.
Mr. Ahmad brings current experience leading innovative digital, data and analytical organizations, including transformational digital initiatives at several industry-leading companies across the high-tech, e-commerce, retail, and insurance industries. This skill set and experience is highly valuable to our Company, as we pursue opportunities to transform the future of the mortgage and real estate industries. In addition, Mr. Ahmad’s perspective and insights into digital transformations occurring across the financial markets, and more broadly the consumer markets, is highly valuable in supporting the Board’s oversight of the execution of our strategic objectives.
There is no arrangement or understanding between Mr. Ahmad and any other person pursuant to which he was appointed as director. Mr. Ahmad does not have a direct or indirect material interest in any transaction in which the Company is or will be a participant.
Item 7.01 Regulation FD Disclosure.
The Company’s news release announcing the appointment of Mr. Ahmad to the Company’s Board is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01 Financial
Statements and Exhibits.
(d) Exhibits.
| 99.1* | Radian<br> Group Inc. News Release dated February 13, 2023 |
|---|---|
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
____________________
* Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RADIAN GROUP INC. | |
|---|---|
| (Registrant) | |
| Date: February 17, 2023 | |
| By: /s/ Edward J. Hoffman | |
| Edward J. Hoffman | |
| General Counsel and Corporate Secretary | |
| Exhibit 99.1 | |
| --- |
Radian Appoints Fawad Ahmad to Board of Directors
WAYNE, Pa.--(BUSINESS WIRE)--February 13, 2023--Radian Group Inc. (NYSE: RDN) today announced that Fawad Ahmad has been appointed to serve on its Board of Directors. Ahmad is a highly respected technology leader and insurance executive who has led transformational digital initiatives at several industry-leading companies delivering digital, data and analytics innovation across the high-tech, e-commerce, retail, and insurance industries.
“It is our pleasure to welcome Fawad to the Radian Board of Directors,” said Radian Board Chairman Howard B. Culang. “Our Board is committed to regularly assessing and refreshing the skills and experience necessary to oversee the development and execution of our strategic plan. Fawad brings exceptional experience leading innovative digital, data and analytics organizations that will benefit our mortgage and homegenius business teams as they continue to transform the future of mortgage and real estate.”
“Fawad’s appointment will bring an important perspective of the digital transformation occurring across the financial and more broadly the consumer markets to Radian’s experienced and talented Board,” said Radian Chief Executive Officer Rick Thornberry. “We welcome the deep digital, customer-focused technology, business experience and important insights that Fawad will bring as we work to create stockholder value while delivering on our mission of affordable, sustainable and equitable homeownership.”
About Fawad Ahmad
Fawad Ahmad, 46, is Senior Vice President and Chief Digital Officer at State Farm Mutual Automobile Insurance Company, an $80 billion property and casualty insurance provider that, with its affiliates, is the largest provider of auto and home insurance in the United States. In this role, he leads the company’s Enterprise Technology function, which enables the company’s digital and customer experience capabilities, supports customer and employee applications, and improves business processes.
Prior to joining State Farm in 2016, Ahmad served as Senior Director and General Manager of Global Omnichannel Product and Strategy at Staples. Before that, he held the role of General Manager of the North America Core Shipping Platform at eBay, leading the function’s strategy, operations, and strategic partnerships. Ahmad previously provided legal, compliance and corporate oversight work for financial services organizations.
Ahmad earned a bachelor’s degree in Marketing from Southeastern University and a J.D. from Thomas Jefferson School of Law.
About Radian Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit radian.comand homegenius.com to learn more about how Radian and its pioneering homegenius platform are building a smarter future for mortgage and real estate services.
Contacts
For Investors
John Damian – Phone: 215.231.1383
Email: john.damian@radian.com
**For the Media**
Rashi Iyer – Phone: 215.231.1167
Email: rashi.iyer@radian.com