Rocket Companies CEO Jay Farner Announces Retirement

Jay Farner, the CEO of Rocket Companies, has announced his retirement. He will step down from his role as CEO, but will remain with the company as its Executive Chairman.

Farner has been a driving force behind Rocket Companies' success, leading the company to a significant growth in revenue. Under his leadership, Rocket Companies has become one of the largest mortgage lenders in the US.

Jay Farner's retirement marks the end of an era for Rocket Companies. His legacy will live on through the company's continued success.

Jay Farner's total compensation as the outgoing CEO of Rocket Companies Inc. was $9.469 million in 2022.

This is a significant increase from the previous year, where his total compensation was $1.603 million. His base salary remained unchanged at $800,000.

The bulk of the increase came from $8.657 million in stock awards. Other compensation, including matching 401(k) contributions, totaled $11,957.

In 2020, when the lender went public, Farner's total compensation was $51.727 million, which is significantly higher than his 2022 compensation.

Jay Farner, the CEO of Rocket Companies, announced his intention to retire on June 1, after nearly three decades with the company.

Farner has been 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.

He will be stepping down from Rocket's board effective February 9, and Bill Emerson, a 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.

Farner has overseen the most rapid period of growth and profitability in Rocket's 37-year history since being appointed CEO of Rocket Mortgage in 2017.

The CEO job has been financially lucrative for Farner, especially in 2020, when he received $51.7 million in total compensation, which included a $30.5 million cash bonus.

Farner has been working at the Detroit-based mortgage company since 1996, and has been CEO of Rocket Companies since it went public in August 2020.

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He will certainly miss working with some of the brightest minds in the fintech industry, but has decided to focus on his family.

For nearly three decades, Jay has poured everything he has into making our organization successful, said Dan Gilbert, founder and chairman of Rocket Companies.

The board of directors has begun a search for Farner's permanent replacement, and Emerson will serve in the interim position until a new CEO is found.

Emerson, 60, was CEO of Rocket Mortgage from 2002 until February 2017, when Farner took over, and has a decade and a half of experience driving impressive results and setting the tone for the company's culture.

Rocket Companies Leadership is a key factor in the company's success. Dan Gilbert, the founder of Rocket Companies, has been instrumental in shaping the company's vision and direction.

Dan Gilbert is the founder, chairman, and former CEO of Rocket Companies. He is also the founder of Quicken Loans, which was acquired by Rocket Companies in 2019.

Gilbert's leadership has been marked by his focus on innovation and customer satisfaction. Under his guidance, Rocket Companies has become one of the largest mortgage lenders in the US.

Jay Farner, the current CEO of Rocket Companies, has built on Gilbert's legacy. He has expanded the company's offerings to include personal finance and auto refinancing services.

Farner's leadership has been focused on using technology to improve the customer experience. He has implemented various digital platforms and tools to make it easier for customers to access and manage their finances.

Tritia Young, the President and Chief Operating Officer of Rocket Companies, has played a key role in the company's growth. She has overseen the development of new products and services, including Rocket Mortgage and Rocket Auto.

Young's leadership has been marked by her commitment to innovation and customer satisfaction. She has worked closely with Farner to implement new technologies and processes to improve the customer experience.