Title insurance provider Doma has appointed Mike Smith as its chief financial officer, according to a Thursday announcement. Before he was named CFO on Tuesday, Smith had served as Doma’s chief accounting officer and acting CFO.
“The promotion of Mike to chief financial officer is a testament to his financial leadership and extensive experience at the company, and beyond,” said Doma CEO Max Simkoff, according to the announcement.
Smith has 30 years of experience working with teams and companies to navigate IPOs, acquisitions and other public company transitions. Before joining Doma as chief accounting officer, he held the same role at Banc of California, Inc., where he also served as director of treasury. He has also previously held CAO roles at loanDepot and CapitalSource Inc.
“I am honored to serve as Doma’s chief financial officer and (to) continue working with our talented leadership team, board of directors and everyone at Doma,” Smith said in a statement.
During the first quarter of 2022, Doma laid off 15% of its workforce and recorded a net loss of $50.026 million. For the quarter, the insurer had a total market share of 1.7%, making it the country’s ninth largest underwriter, according to the American Land Title Association. Company leaders expect it to be profitable by 2023.