rocket companies It was announced this week that CEO Jay Varner has stepped down from his role as missile mortgage CEO, to assume the role of CEO Central missileA financial technology platform for a mortgage company.
Varner took over his new role on January 1, according to a press release from the Detroit-based company, and will retain his role as CEO of The Rocket Companies, the parent company of both Rocket Mortgage and Rocket Central.
Bob Walters, COO of both the Rocket Companies and Rocket Mortgage, has taken over as CEO of Rocket Mortgage.
Prior to the upgrade, Walters oversaw the mortgage services, customer experience operations, capital markets and technology teams at Rocket Mortgage. In addition to his new duties as CEO of Rocket Mortgage, Walters will continue to serve as COO of the Rocket Companies, according to the press release.
The move came with other changes to the C-suite in the mortgage bank. The company said that Tim Berkmer, chief revenue officer at Rocket Mortgage, will become its president, while Angelo Vitale, who previously served as CEO at Rocket Central, will now focus solely on his roles as general counsel and secretary at Rocket Companies.
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“As a platform company, Rocket Companies offers services from every one of its brands to customers who want to help facilitate complex transactions — such as getting a loan to buy a home, buying a car, or working on their budget and personal finances thanks to the recent acquisition of Truebill,” the company said. .
Rocket acquired Truebill — a budget and credit optimization app with 2.5 million users — for $1.275 billion in cash in December 2021. At the time, the company said the acquisition was a step toward a centralized platform for customers to manage their financial lives. Analysts said the acquisition signals Rocket’s push to diversify its business, particularly in technology, at a time when mortgage volumes are slowing.
Farner has also been very vocal about the company’s tech prowess, and analysts covering Rocket said his transition into a new role is meant to signal Rocket’s fintech capabilities.
He said in a statement that Varner will continue to work closely with both Walters and Berkmer.
“Rocket Mortgage is in excellent hands with Bob and Tim, who have been key drivers in the company’s growth,” Varner said. “We have worked together for decades and will continue to do so.”
“Tim has worked closely with the Mortgage Banking team to hone our expertise in delivering an exceptional experience for everyone — to ensure our promise is fulfilled,” Varner added. every-time. No exceptions. no excuses.'”
In response to the news, Rocket Companies stock fell, and was trading at $14. 18 before closing on Wednesday.