Rocket Companies (NYSE: ROC) shares are down 1% in early Monday trade after the fintech platform business revealed that Chief Executive Officer Jay Farner will step down on June 1, 2023.
Being a member of this extraordinary organisation has been one of the most fulfilling experiences of my life. I opted to join Dan Gilbert’s modest mortgage company after graduating from college more than 27 years ago. Farner stated, “I never could have guessed the incredible path that one decision would have led me on, and I want to thank Dan for his mentorship, counsel, and friendship throughout the years.” Rocket Companies is filled with extraordinary individuals that are devoted to helping our clients, the community, and one another. “While the timing is appropriate for me to focus on my family, I will miss working with some of the industry’s most brilliant minds in fintech.”
Interim leadership will be provided by Bill Emerson, a longstanding Rocket executive and current Vice Chairman of Rock Holdings. In addition, Farner has elected to resign from the Rocket Board of Directors, effective February 9, 2023, and Emerson has been appointed to the Board, effective immediately.
Dan Gilbert, founder and chairman of Rocket Companies, remarked, “Jay has devoted nearly three decades of his life to ensuring the success of our firm.” “Since being appointed CEO of Rocket Mortgage in 2017 and then CEO of Rocket Companies in conjunction with the August 2020 IPO, Jay has presided over our 37-year history’s fastest growth and profitability.” “Rocket has benefited immensely from his enthusiasm for people and his vision for the future, and I would like to thank him on behalf of the entire Board for all of his work over the years.”
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The Board of Directors has started looking for a permanent Chief Executive Officer and has hired a well-known consulting firm to help them look at applications from both inside and outside the company.