Fintech Sagent has hired Geno Paluso, a retired U.S. Navy captain serving as the vice president of business development for multinational firm BAE Systems, as its new CEO.
Effective Monday, Paluso succeeded Dan Sogorka, who will remain with the company as an adviser before transitioning to a new opportunity, the company announced Tuesday.
Paluso is transitioning from BAE Systems, a $45 billion multinational aerospace and technology company, to lead Warburg Pincus-backed Sagent, a software company that provides a servicing management platform for bank and nonbank lenders.
Sagent’s new CEO will be tasked with completing, launching and optimizing its new servicing platform in 2024 and beyond. Sagent is expected to unveil details about the platform in the coming week.
“Our new software platform simplifies servicer operations, facilitates real-time compliance, and lowers costs in the most complex area of consumer finance,” Paluso said in a statement.
The platform has a “single data and user experience across the entire core, consumer, and default servicing lifecycle,” the company said in a news release. It’s part of a multiyear strategic plan, which also includes moving systems to the cloud and expanding relationships with top U.S. mortgage servicers.
Paluso brings a “track record of strong operational discipline to Sagent,” Frank Bisignano, chairman, president and CEO of fintech provider Fiserv, which owns a stake in Sagent, said in a statement.
The new CEO is a highly decorated military leader, Navy SEAL and former commander of multiple SEAL teams deployed to Europe, the Middle East and Africa.
It’s also the second leadership change announced by Sagent this year. On Jan. 22, it appointed Chris Marshall, vice chairman and president of Mr. Cooper, as executive chairman. Marshall first joined Sagent’s board of directors in 2022 as part of a multiyear agreement with Mr. Cooper Group.
According to Marshall, Paluso is a “visionary who gets the details and the ideal leader to operationalize the first-ever end-to-end loan servicing software platform.”
