Rocket Companies CEO Jay Farner To Step Down After 27 Years With Lender: What's Next?

Rocket Companies Inc RKT announced Monday that CEO Jay Farner will step down from his position in June after more than 27 years with the company.

Rocket's C-Suite Changes: When Farner steps down, Bill Emerson, the vice chairman of Rock Holdings, will become the interim CEO of Rocket Companies, the Detroit-based company said. 

Rocket Companies provides customers with mortgage, real estate and financial services. According to Bankrate.com, Rocket Mortgage is the largest mortgage lender in the United States by a significant margin. 

The company said that while Emerson will become the interim CEO, Rocket is initiating its search for a permanent CEO. Emerson will also assume Farner’s seat on the Rocket board of directors effective immediately. 

Rocket reaffirmed its fourth-quarter 2022 adjusted revenue guidance in the Monday press release. Rocket’s stock traded down about 1% Monday morning at $8.70. 

Farner was appointed the CEO of Rocket Mortgage in 2017 and later became CEO of Rocket Companies as part of its IPO.

Farner led Rocket Mortgage during its most profitable and growth-driven time period, according to founder Dan Gilbert. 

'The Most Rapid Period Of Growth': “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,” Gilbert said in a statement.

“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."

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