Long-time Rocket CEO Jay Farner is retiring after 27 years and he says the move will give him more time to focus on his family.
Farner will officially retire effective June 1, 2023, according to a press release. He is also giving up his position on Rocket’s board of directors, effective immediately.
“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 could never have predicted the amazing journey that one decision would have taken me on,” Farner said.
Farner joined Rock Financial– the company that would later become Rocket Mortgage and owned Quicken Loans– in 1996 and became VP of Web Mortgage Banking in May 1998, working on elevating Quicken Loans to the nation’s largest online lender. He then served as President and Chief Marketing Officer of Quicken Loans, during which time the company launched Rocket Mortgage.
Farner became CEO of Rocket Companies in 2017.
Bill Emerson, a Rocket executive and current vice chairman of Rock Holdings, has joined the board in Farner’s place and will become interim CEO on June 1.
Emerson has thirty years of experience at Rocket, including serving as Rocket Mortgage’s CEO from 2002 to 2017. He has testified as an expert before several Congressional committees and was Chairman of the Mortgage Bankers Association for the 2015-2016 term.
“Looking forward, we are 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,” said Dan Gilbert, Founder and Chairman of Rocket Companies.
“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. 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.”
Board leaders are looking for a permanent CEO and are evaluating internal and external candidates through a hiring firm, according to company leaders.
Rocket’s stock slumped after Monday morning’s announcement.
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