R.K. Arnold has retired as the chief executive and president of Merscorp Inc. of Reston, Va. Paul Bognanno will succeed Arnold on an interim basis.
Arnold joined the company at its inception and has been instrumental in the development of the Mortgage Electronic Registration System, a registry of ownership and other mortgage rights for more than half of all outstanding residential mortgages in the U.S. MERS recently faced criticism during the robo-signing foreclosure scandal. Arnold's retirement was announced Jan. 22.
Bognanno will lead the transition and search process for a permanent chief, while Arnold will have an advisory capacity to help facilitate the transition.
Bognanno most recently was the chairman of Radian Guaranty Inc. of Philadelphia. He also was the president and CEO of Principal Residential Mortgage, chairman of Principal Bank, senior vice president of Principal Life Insurance Co. and a senior officer for CitiMortgage, the residential mortgage arm of Citigroup Inc.
Arnold joined Merscorp in 1996 as senior vice president and general counsel, before being named president in 1998. Before joining the company, Arnold was a corporate lawyer and an attorney in private practice. He is also a decorated Army Ranger.
