Detroit-based fintech Rocket Co., which operates Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money, announced CEO Jay Farner plans to retire effective June 1 after 27 years with the company. Farner also decided to step down from his position on the Rocket board of directors effective Feb. 9.
Bill Emerson, longtime Rocket executive and current vice chairman of Rock Holdings, will assume the role of CEO on an interim basis following Farner’s departure. Emerson also was appointed to Farner’s vacated seat on the board effective immediately.
“For nearly three decades Jay has poured everything he has into making our organization successful,” Dan Gilbert, founder and chairman of Rocket Companies, said. “Since being appointed CEO of Rocket Mortgage in 2017, and subsequently CEO of Rocket Companies in connection with the August 2020 IPO, Jay has overseen the most rapid period of growth and profitability in our 37-year history. His passion for people and vision for the future has benefitted Rocket tremendously and on behalf of the entire board, I'd like to thank him for all of his work over the years.”
Gilbert added: “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. 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.”
“Being part of this amazing organization has been one of the most rewarding experiences of my life,” Farner said. “More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. I never could have predicted the amazing journey that one decision would have taken me on, and I want to thank Dan for his mentorship, guidance and friendship over the years. Rocket Companies is full of incredible people – passionate about serving our clients, the community and each other. While the time is right for me to focus on my family, I will certainly miss working with some of the brightest minds in the fintech industry.”
“I want to thank Jay for everything he has done for this organization,” Emerson said. “He has been a tremendous leader and friend. His strong vision created a pathway for Rocket Companies’ continued success today and into the future. I am excited to roll up my sleeves with our team to continue driving Rocket’s incredible growth.”
The Rocket board of directors announced it commenced a search for a permanent CEO and retained a firm to support its evaluation of internal and external candidates.