Rocket Mortgage CEO to retire

New interim CEO revealed

Rocket Mortgage CEO to retire

Rocket Companies CEO Jay Farner (pictured) is set to retire in June after being at the helm for 27 years, the Detroit-based lender announced Monday.

Rocket revealed that Farner plans to retire from his position on June 1. Bill Emerson, vice chairman of Rock Holdings – the majority shareholder of Rocket, will serve as interim CEO until a successor is appointed.

Rocket chairman Dan Gilbert said the company is “fortunate to have someone of Bill’s caliber and experience to serve as interim CEO while the board conducts a search for a permanent successor.” According to the company’s release, its board of directors has retained a leading firm to support its evaluation of internal and external candidates.

“For a decade and a half, Bill served at the helm of our mortgage business – driving impressive results and setting the tone for our culture,” Gilbert added. “He loves Rocket Companies and the industry, and he has remained very engaged in the business through his position at Rock Holdings. We are excited to welcome Bill back to the role and are confident in his ability to lead the company forward.”

Emerson served as CEO of Rocket Mortgage (formerly Quicken Loans) from 2002 through 2007. Meanwhile, Farner was president and chief marketing officer for over eight years. In 2017, he was named the CEO of Rocket Mortgage and later headed Rocket Companies in 2020.

“Jay has poured everything he has into making our organization successful,” said Gilbert. “Since being appointed CEO of Rocket Mortgage in 2017, and subsequently CEO of Rocket Companies in connection with the August 2020 IPO, Jay has overseen the most rapid period of growth and profitability in our 37-year history. His passion for people and vision for the future has benefitted Rocket tremendously, and on behalf of the entire board, I’d like to thank him for all of his work over the years.”

Farner also decided to leave his position on the board of directors, effective February 9, with Emerson taking over the role.

“Being part of this amazing organization has been one of the most rewarding experiences of my life,” Farner said. “More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I never could have predicted the amazing journey that one decision would have taken me on, and I want to thank Dan for his mentorship, guidance and friendship over the years. While the time is right for me to focus on my family, I will certainly miss working with some of the brightest minds in the fintech industry.”

Emerson added, “I want to thank Jay for everything he has done for this organization. He has been a tremendous leader and friend. His strong vision created a pathway for Rocket Companies’ continued success today and into the future. I am excited to roll up my sleeves with our team to continue driving Rocket’s incredible growth.”

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