By Michael Elkins
Shares of Rocket Companies (NYSE:RKT) are down 1% in early trading on Monday after the fintech platform company announced that Chief Executive Officer Jay Farner plans to retire from his position effective June 1, 2023.
"Being part of this amazing organization has been one of the most rewarding experiences of my life. 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," Farner said. "Rocket Companies is full of incredible people – passionate about serving our clients, the community and each other. 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."
Bill Emerson, a longtime Rocket executive and current Vice Chairman of Rock Holdings, will assume the role on an interim basis. Farner has also decided to step down from his position on the Rocket Board of Directors, effective February 9, 2023, and Emerson has been appointed to the Board, effective immediately.
"For nearly three decades Jay has poured everything he has into making our organization successful," said Dan Gilbert, Founder and Chairman of Rocket Companies. "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."
The Board of Directors has commenced a search for a permanent Chief Executive Officer and has retained a leading firm to support its evaluation of internal and external candidates.