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PPMIQ > SEC Filings for PPMIQ > Form 8-K on 1-Jul-2013All Recent SEC Filings

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Form 8-K for PMI GROUP INC


1-Jul-2013

Change in Directors or Principal Officers


ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The employment agreement between The PMI Group, Inc. ("TPG") and L. Stephen Smith, its Chief Executive Officer, President, and Chief Operating Officer, is expiring on June 30, 2013, and is not being extended or renewed, and Mr. Smith ceases to be Chief Executive Officer, President, and Chief Operating Officer of TPG as of such date.

The board of directors of TPG appointed David W. Prager as Chief Executive Officer and Matthew Flynn as Vice President of TPG, in each case effective as of July 1, 2013. Mr. Prager and Mr. Flynn are financial and restructuring professionals at Goldin Associates, LLC ("Goldin"), a transaction and restructuring advisory firm that has been providing restructuring consulting services to TPG during its bankruptcy proceeding. The engagement letter between TPG and Goldin, dated October 28, 2011, will continue to control the relationship between TPG and Goldin, and Mr. Prager and Mr. Flynn will not receive new or additional compensation from TPG in connection with their service as officers. Mr. Prager and Mr. Flynn will serve as officers at the pleasure, and under the direction, of TPG's board of directors.

Mr. Prager, age 35, is a Managing Director at Goldin, which he joined in March 2002. Since October 2011, Mr. Prager has served as TPG's lead restructuring consultant. From November 2008 to May 2010, Mr. Prager served as interim principal financial officer and restructuring advisor to Syncora Holdings Ltd., a monoline financial guarantor. There have been no related party transactions between TPG and Mr. Prager, nor are there any family relationships between TPG's directors or officers and Mr. Prager.

Mr. Flynn, age 35, is a Director at Goldin, which he joined in December 2008. From February 2009 to June 2010, Mr. Flynn served as an interim manager at Young Broadcasting Inc., a television broadcaster, during that company's bankruptcy proceedings and was responsible for managing its business operations and restructuring process. Immediately preceding his employment at Goldin, Mr. Flynn was employed as an investment banker at Barclays Capital Inc. There have been no related party transactions between TPG and Mr. Flynn, nor are there any family relationships between TPG's directors or officers and Mr. Flynn.


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