Rocket Companies is looking at a leadership transition in the summer after longtime CEO Jay Farner announced his intention to retire on June 1.
Farner, 49, is the head of Rocket’s entire stable of financial and real estate businesses, including Rocket Mortgage, Rocket Loans, Rocket Homes, Rocket Money and Rocket Central. The company has announced that Bill Emerson, another veteran of Rocket’s executive leadership team, will serve as interim CEO while the board of directors undertakes an exhaustive search for a permanent replacement. Emerson currently serves as vice chairman of Rock Holdings, Rocket’s parent company.
“For nearly three decades, Jay has poured everything he has into making our organization successful,” said Dan Gilbert, founder and chairman of Rocket Companies. “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 benefited Rocket tremendously and on behalf of the entire board, I’d like to thank him for all of his work over the years.”
Farner also will be stepping down from Rocket’s board effective Feb. 9. He has held several leadership positions within the Rocket corporate structure, most recently serving as president and chief marketing officer before his promotion to CEO.
“More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert,” Farner said in a statement. “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.”