Finance of America CEO to retire, search for successor begins

Group lifts the lid on the executive's upcoming retirement and its transition plan

Finance of America CEO to retire, search for successor begins

Finance of America (FOA) chief executive officer Patricia Cook is set to retire this year, and the company has started its search for her successor.

According to FOA’s announcement, Cook will stay at the helm until a new CEO is appointed. She will also remain on the company’s board of directors through the date of its 2022 annual meeting of stockholders.

Commenting on the search for a successor, FOA board chair Brian Libman said: “We are committed to moving swiftly, but deliberately – and we are looking far and wide for the best leader to take this company forward, realize our long-term vision and maximize the lifetime household value of our customers.”

“I’m committed to ensuring a smooth transition during this process,” Cook said. “I will continue to lead FOA until my successor is found who will drive the execution of the long-term growth strategy we’ve laid out for the company.”

Cook, who has been with Finance of America since 2016, has been instrumental in the company’s most significant achievements, including several acquisitions and FOA’s public debut last April. The mortgage lender also grew to more than 5,000 employees across 300 global offices under Cook’s leadership.

Read more: Finance of America Mortgage closes $1.9 billion SPAC merger

Cook joined Finance of America six years ago as a senior managing director. In 2017, she was promoted to president, and in 2020, she took on the role of CEO.

“On behalf of the board, I want to thank Patti for her countless contributions to Finance of America over the past six years,” Libman said. “As president and chief executive officer, she has been a visionary and unifying force across the entire enterprise playing important roles in our evolution into a public company. More recently, Patti laid the groundwork for the implementation of our long-term strategic roadmap that focuses on optimizing the business, driving growth, and increasing enterprise value to the benefit of all stakeholders. Patti’s efforts have served to strengthen our competitive position in the market and set us up to achieve enduring success.”

“It has been an honor and a privilege to lead this dynamic, visionary organization,” Cook said. “My time at Finance of America has been the crowning achievement of my career. I am so proud to have played a role in building this purposefully different consumer lending platform with the broadest range of products and services designed to help a diverse consumer base. I want to thank our amazing team of talented and committed professionals who work tirelessly to the benefit of our customers, investors, and the industry.”

“Now, I’m ready to embark on a new chapter in life, including spending more time with family, especially my grandchildren,” she concluded.