HOUSTON (Dec. 8, 2008) – Stewart Title Company (STC) and Stewart Title Guaranty Company (STG), wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), announce new customer-segment oriented organizational structure to better meet the needs of customers in today’s changing market conditions.
“The real estate market has experienced tremendous challenges, and we have been aggressively working to ensure that regardless of market conditions, Stewart remains a market leader with integrity, quality and continued performance,” said Stewart Morris, Jr. and Malcolm Morris, co-chief executive officers of Stewart Information Services Corp. “Our conservative style of management has allowed us to have one of the largest policyholders’ surplus in the industry. This coupled with our 115-year history and experienced associates will allow us to better serve the real estate industry with customer-oriented products and services during these challenging times.”
Stewart will focus the senior leadership of the company around customer segments and delivery channels. This reorganization is an opportunity for the company to reduce cost of operations and remain a strong leader in the industry, enabling front-line associates to focus more on our customers and servicing their needs, while receiving efficient back-office operational support.
The reorganized Stewart senior leadership will be comprised of the following industry experts:
- Mike Skalka will remain President of Stewart Title Guaranty Company (STG) overseeing all of Stewart’s underwriting companies, leading our commercial, international and timeshare customer segments, and continuing to integrate sales and underwriting efforts on a global basis.
- Glenn Clements will become STC Group President, Eastern States and will lead direct operations in the eastern U.S.
- Bob Oakland will become the STC Group President, Western States and will lead direct operations in the western U.S.
- George Houghton will become STG Executive Vice President, Agency Services Group and will be responsible for all Stewart Agency Services Managers serving independent agencies and their support services.
- Pat Vaden will remain STC Group President, Real Estate Information and will lead customer-facing technology for realty, title agency and government entities.
- Jason Nadeau will become STC Group President, Lender Services and will lead all lender offerings.
- Rand Zimmerman will lead Stewart’s Regional Production Center initiative to centralize title and escrow production across the U.S.
“In addition to re-aligning our senior leadership, we are continuing to consolidate back-office functions, reduce costs and drive service delivery through a shared-service model,” said Matt Morris, Senior Executive Vice President of Stewart Information Services Corp. “We are expediting this initiative to more quickly obtain cost savings, drive efficiencies and enhance sales and marketing support. Reducing our back-office cost structure will allow our offices to focus on customer-facing activities while ultimately creating a more flexible organization to better serve our customers and manage market cycles.”
To find out more about Stewart’s financial strength and industry expertise, visit http://www.stewart.com.
Stewart Title Company and Stewart Title Guaranty Company are wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries throughout offices in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at http://www.stewart.com.
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