An internally managed mortgage real estate investment trust.
When a company that invests in residential and commercial mortgage securities on a leveraged basis lost its long-time CTO, like many companies, they tried to fill the gap in leadership with another C-level executive. In this case, they selected the organization’s CFO who was already serving as the COO as well. With one person filling the role of three C-level positions, the majority of the time given to IT was being spent reactively managing issues and putting out fires. This diverted focus away from the core operation and caused IT projects to stall without a leader in place to see them to completion.
On top of stalled projects, many of the systems were functional but created with outdated technologies, and most of its infrastructure needed to be modernized as well. Despite the desire from leadership to move the organization forward, they realized that without a CTO in place to instigate progress, its IT environment would remain functional at best.
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