Rocket Companies, an American holding company and independent financial services company, recently announced its CEO and chairman, Jay Farner, will be retiring from the company effective May 1, 2021. Mr. Farner joined the organization in 2011, and strengthened its reputation as an innovator during what has been an incredibly disruptive decade in the financial services industry. Under his leadership, Rocket grew from a traditional mortgage lender to an industry leader with a broad suite of products and services.

Mr. Farner will be succeeded as CEO by current President, Steven Grewal. The board of directors recently offered additional insight into the transition and indicated that Mr. Farner will stay on with the company as a consultant and will be available to provide advice and expertise for the organization and its leadership.

Mr. Farner’s career in the financial services industry is prolific and has spanned more than three decades. He started with Quicken Loans in 1989, serving as the organization’s Vice President of Marketing. He eventually became CEO of Quicken Loans and its parent organization, Rock Holdings, until becoming CEO of Rocket Companies in 2010. Mr. Farner’s legacy of success is attributed to a combination of his vision for the company and his commitment to innovation.

The board of directors made clear their intention to ensure a smooth transition of leadership and emphasized their commitment to upholding Rocket’s core values and culture. The company’s mission to “help people achieve their dreams” has grown increasingly important in recent years as evidenced by their successful IPO and the shift in public sentiment with respect to the financial services space. The board of directors and the rest of the organization recognize the impact of Mr. Farner’s leadership and are confident in the transition of power.

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