Walter Investment Management Corp., a prominent Florida mortgage banking firm, recently divulged a board-approved change in classification that will impact every single member sitting on its board of directors from its headquarters in Tampa.
The board opted to declassify itself so that the entire body will be up for election on a yearly basis by creating and approving an amendment to its charter, as well as an amendment to its bylaws. It will recommend that stockholders approve the decision at the company’s 2016 annual stockholder meeting slated for June 9.
Once the shareholders elect to ratify the decision, declassification and voting will take effect as of the company’s 2017 annual meeting.
"The board of directors continuously reviews its governance practices to ensure alignment with the interests of our shareholders," Denmar Dixon, Walter Investment’s vice chairman, CEO and president, said. "We believe the declassification of the board will enhance Walter Investment's corporate governance structure and will bring us in line with many companies who have made this same governance enhancement. We are confident this change best serves the interests of our shareholders."
Walter Investment focuses on residential loans and reverse mortgages. The firm employs approximately 5,900 staffers and maintains a diverse portfolio.