Triad Guaranty Names New CEO

Triad Guaranty's executive team at the end of 2008 will certainly look different than it did at the start of this year. In late July, the Winston-Salem, N.C.-based mortgage insurer, which announced in June that it has stopped booking new business and will go into run-off, named George Jackson to chief information officer (CIO), a newly created role within the company. And today, Triad Guaranty announced that Kenneth W. Jones has been appointed the company's new president and CEO, effectively immediately.

Jones, previously Triad's SVP and CFO, will take over for William T. Ratliff III. Chairman of the company's board of directors, Ratliff had been serving as interim president and CEO since July 2008.

"My focus over the past three months has been to work with the Board and management to develop Triad's strategy as it entered voluntary run-off," Ratliff said in a press release. "Selecting a chief executive to lead the organization is a critical next step and I am pleased to announce that Ken Jones will be assuming the role. Ken has been a key part of Triad's management team for the past two and one-half years and his experience at Triad, coupled with almost thirty years of broad-based experience in the financial services industry, will serve him well in this new role."

Jones, who will also retain his CFO responsibilities, said that Triad has dedicated itself over the past year to produce a comprehensive run-off plan. "While today's difficult housing market and weakening overall economy create risks that are difficult to assess, we continue to believe that our plans, coupled with the skills of Triad's experienced and dedicated staff, will produce a successful run-off of our existing in-force book of business," Jones said in a press release.