WALNUT CREEK, Calif., Nov. 18, 2010 /PRNewswire-FirstCall/ -- The PMI Group, Inc. (NYSE: PMI; or the "Company"), announced today that Timothy R. Eller and Charles R. Rinehart have joined the Company's Board of Directors.
"We are very pleased to announce the addition of these two highly qualified Board members," said Chairman and Chief Executive Officer L. Stephen Smith. "Tim and Charlie both possess diverse and extensive backgrounds in the housing market and will bring a fresh perspective on the issues and challenges facing our industry."
Timothy R. Eller
Mr. Eller is a principal of Cordalla Capital, LLC, which directs investments in real estate and related businesses. In addition, Mr. Eller has served as Vice Chairman of the Board of Directors of PulteGroup Inc. since August 2009. Prior to joining PulteGroup, Mr. Eller served as Chairman and Chief Executive Officer of Centex Corporation from April 2004 until August 2009, when PulteGroup acquired Centex Corporation. Mr. Eller joined Centex Homes in 1973. In August 1998, Mr. Eller was named Executive Vice President of Centex Corporation, serving until April 2002 when he became President and Chief Operating Officer. He assumed the additional roles of Chairman and Chief Executive Officer in April 2004. Mr. Eller serves on the Policy Advisory Board of Harvard University's Joint Center for Housing Studies, and is a trustee of the National Housing Endowment. Mr. Eller is a graduate of the University of Nebraska.
Charles R. "Charlie" Rinehart
Mr. Rinehart is the former Chairman and Chief Executive Officer of H.F. Ahmanson, a publicly traded Fortune 5000 company and the parent company of Home Savings of America that was sold to Washington Mutual Bank in 1998. Mr. Rinehart joined H.F. Ahmanson in 1989 as President and Chief Operating Officer and was appointed Chief Executive Officer in 1993. Prior to joining H.F. Ahmanson, Mr. Rinehart was the Chief Executive Officer of Avco Financial Services and before that served in various positions of increasing responsibility at Fireman's Fund Insurance Company. In addition to his significant executive management experience, Mr. Rinehart brings with him extensive experience as a director. He is currently Chairman of the Board of Verifone Systems, Inc. and a director of MBIA Inc. Mr. Rinehart is a fellow of the Casualty Actuarial Society. He is also a past Chairman of the Thrift Industry Advisory Council to the Federal Reserve. Mr. Rinehart is a graduate of the University of San Francisco and served in the US Army as an officer in the 82nd Airborne Division.
About The PMI Group, Inc.
The PMI Group, Inc. , headquartered in Walnut Creek, CA, provides credit enhancement solutions that expand homeownership while supporting our customers and the communities they serve. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products. For more information: http://www.pmigroup.com/.
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The PMI Group, Inc.
CONTACT: Investors and Media, Bill Horning of The PMI Group, Inc.,
+1-925-658-6193, or Kosta Karmaniolas of The PMI Group, Inc., +1-925-658-6137
Web Site: http://www.pmigroup.com/
