Mr. Cooper has welcomed a new leader who’s joining the team at a tumultuous time for the mortgage loan giant, as it grapples with the fallout of a massive data breach.
The Dallas-based company has appointed Mike Weinbach as president, effective Feb. 1, the company announced in a press release.
Chris Marshall, Mr. Cooper’s current president and vice chairman, will help with the transition and oversee fundraising for the company’s MSR fund until he retires at the end of 2024.
Weinbach has 25 years of experience in the financial services industry. His previous leadership roles include CEO of Consumer Lending for Wells Fargo and CEO of Chase Home Lending at JP Morgan Chase. At Wells Fargo, Weinbach was also part of the company’s Operating Committee, overseeing more than 40,000 team members focused on home lending, auto lending, credit cards, merchant services and more.
Despite the company being “thrilled” with the hire, Weinbach will have a stack of challenges to deal with on day one.
In late October, Mr. Cooper was hit with a cyber attack that compromised 14.6 million customers’ personal information. Shortly after, a class-action lawsuit was filed against the company, alleging inadequate security measures, negligence and that it failed to notify customers of the breach in a timely manner.
Mr. Cooper was slapped with a second class-action lawsuit last week, accusing the company of neglecting its responsibility to secure customer information, while seeking financial compensation and mandates for enhanced security measures.
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