Guild Mortgage CEO Mary Ann McGarry is retiring this June after forty years in the industry, leaders at the lender announced in a press release.
McGarry joined Guild in 1984 as a supervisor in internal audit. She was promoted to SVP of loan administration and information technology soon after and joined the board of directors in 1988. She then served as CFO, chief production operations officer, and COO, before becoming president in 2005.
In 2007, she became CEO and led a management buyout of the company from its founder.
“On behalf of the board of directors and the entire company, we are forever grateful for Mary Ann’s extraordinary contributions to Guild,” said Patrick Duffy, chairman of the board.
“We look forward to continuing our partnership with Mary Ann as she will remain a significant stockholder and a member of the board. While Mary Ann’s integrity, talent, dedication, and energy will be missed inside the business, those qualities are ever present in her exceptional team which will continue to lead the company.”
Under McGarry’s leadership, Guild has committed to a growth mindset that led the company from a western U.S. lender to operating in 49 states.
Guild recently acquired Colorado-based Cherry Creek Mortgage, Wisconsin-based Inlanta Mortgage, and New Mexico-based Legacy Mortgage.
McGarry’s retirement takes effect June 30, 2023. She will remain on the board of directors.
Current president Terry Schmidt will succeed McGarry effective July 1, 2023. She also began her career in internal audit and later held the positions of EVP, CFO, and COO before becoming president in early 2020.
David Neylan, EVP and COO, will become the new president while remaining chief operating officer.
“It is wonderful in this day and age when someone can be with a company for some 40 years and lead it to profitable and responsible growth,” said Robert D. Broeksmit, president and CEO of the Mortgage Bankers Association, where McGarry is also a board member.
“Mary Ann has led Guild so ably. Some get creative and forget about the fundamentals. Her leadership has been innovative and responsible. She set the tone for Guild being proactive in participating in all sorts of programs for the underserved. She has given sensible direction to me and other members of the MBA board and we are thankful for her ongoing contributions to our industry.”
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