The Ryland Group Inc. yesterday named a former General Motors Corp. executive to succeed Alan P. Hoblitzell Jr. as its chief financial officer, paving the way for a smooth transition at the Columbia-based homebuilder.
Michael Mangan, who also was appointed an executive vice president, most recently had been group chief financial officer of GMAC Mortgage Corp., the automaker's mortgage subsidiary, and Residential Funding Corp., a GM loan conduit company with a $20 billion mortgage servicing portfolio.
"There are a number of issues involved on the mortgage side of the manufacturing business, whether dealing with cars or houses, that are inherent and applicable," said Mr. Mangan, 38.
Ryland, one of the nation's largest private originators and servicers of residential loans, has a total loan-servicing portfolio of roughly $10 billion, while GMAC Mortgage's portfolio is about $40 billion.
Mr. Mangan added that he plans to focus on improving Ryland's mortgage profit margins despite the rise in interest rates, which traditionally dampens new mortgage originations.
Mr. Hoblitzell, 62, the former MNC Financial Inc. chairman and chief executive who joined Ryland in February 1991, announced plans to retire in April.
Ryland yesterday also tapped John M. Garrity as president of its homebuilding operations in its Southeast region, which includes North Carolina, South Carolina, Georgia and Florida. Mr. Garrity had been general manager of Arvida Homes, overseeing its Florida activities.
Ryland has been working to bolster its core business.