Rocket CEO Joins Board Of Directors

Rocket Companies expanded its Board of Directors to include CEO Varun Krishna.

Krishna became the eighth member of the board effective December 21. His term is scheduled to end at the company’s annual meeting in 2026.

Regulatory filings showed that Krishna will not be paid additionally for his new role. His earning potential as CEO is up to $20 million, factoring in base salary, bonuses, stock, and options awards.

Board members who are not part of Rocket typically receive a retainer fee of $50,000, $3,000 per board meeting attended, and stock options.

“We are thrilled to welcome Varun to the Board of Directors. With more than 20 years of experience in the fintech space, Varun brings with him a wealth of knowledge and expertise. His innovative perspective on product development and technology is a strong addition to the Board of Directors as Rocket Companies continues to set the pace for fintech innovation in the mortgage industry,” a Rocket spokesperson told National Mortgage Professional.

Krishna became CEO last year after succeeding Bill Emerson, who served as interim CEO after Jay Farner retired in June 2023. Emerson became COO and President, while Krishna took on a dual role as CEO of Rocket Companies and Rocket Mortgage.

Farner served as vice chairman of Rocket’s board from March 2020 to February 2023.

Rocket execs are optimistic about 2024, and plan to use what they’ve learned to enhance profits and partnerships moving forward.

“It’s been a very good year from a learning perspective. We learned a lot this year. Our loan officers learned a lot,” Mike Fawaz, Executive Vice President at Rocket Pro TPO, told The Mortgage Note.

“We’re going out there, and we’re going to earn the partnership by providing value, by providing consistently, and by making sure that brokers have the freedom they need to be able to pick and choose who they want to work with and I’m excited about 2024.”

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