Jay Farner Out As Rocket Companies CEO

By Steve

In Lending News

February 13, 2023

2 min read

Jay Farner Out As Rocket Companies CEO As Rumors Grow Louder Of Dan Gilbert Wanting To Sell The Company

Rocket Companies CEO Jay Farner is leaving Rocket on June 1st. However, the company says his departure is not because of any dispute with the board of directors.

Rocket filed a statement with the SEC last week stating Farner informed the board on Feb. 8 “of his intent to retire. Farner is will also be resigning as vice chairman and member of the board effective immediately. Vice Chairman Bill Emerson immediately succeeded him.

The company made the official announcement Monday morning. Rocket executives also added that Emerson will serve as interim CEO.

The board has begun a search for a permanent CEO. As a result, they have retained an outside company to support its evaluation of internal and external candidates. However, they have not identified the outside company.

Emerson has been with Rocket and it’s predecessor Quicken Loans for 30 years. He served as CEO of Quicken Loans from 2002 through 2017. He also served as vice chairman of Rock Holdings. Rock Mortgage was the majority shareholder of Rocket Companies and former parent of Rocket Mortgage. — since 2017.

Emerson has also served as chairman of the National Mortgage Bankers Association. He also testified before Congress several times on policies to help expand access to home financing. He currently serves as a board member of the Housing Policy Council (HPC) and the HPC Executive Council.

Farner wrote in a press release that he will certainly miss working with some of the brightest minds in the fintech industry.

Emerson called Farner a tremendous leader and friend with a strong vision that created a pathway for Rocket Companies’ continued success.

Emerson also stated:

I am excited to roll up my sleeves with our team to continue driving Rocket’s incredible growth.