Board of Directors

loanDepot founder and former CEO Anthony Hsieh has stepped down from his executive chairman position as part of a mutual agreement unanimously approved by the company’s Board of Directors. In a press release, the Board explained that the decision arose from a proxy fight started by Hsieh when he sent a letter to loanDepot shareholders indicating he planned to nominate and, by virtue of his 57% combined voting power, instate Steven Ozonian as a director. Ozonian is CEO of the Williston Financial Group and would have replaced sitting independent director Pamela Hughes Patenaude, a real estate and housing policy expert whose term expires at loanDepot’s annual meeting this year. Hsieh cited an “urgent need for board refreshment” to combat dwindling…