DETROIT (WXYZ) — Jay Farner, the CEO of Rocket Companies, announced he will retire later this year after nearly three decades with the company.
The announcement came Monday and said that Farner, 49, will retire on June 1, 2023 after 27 years at Rocket. He also decided step down from the Rocket Board of Directors on Feb. 9.
Bill Emerson, who is a longtime Rocket executive and the current vice chairman of Rock Holdings, will take over as interim CEO after Farner retires. Emerson also took Farner's place on the board.
Rocket said that Farner will begin transitioning his roles and responsibilities to Emerson so the transition is seamless.
According to Rocket Companies, the board will search for a permanent CEO and has hired a firm to help in the search.
"For nearly three decades Jay has poured everything he has into making our organization successful," Rocket Companies Founder Dan Gilbert said in a statement. "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 benefitted Rocket tremendously and on behalf of the entire Board, I'd like to thank him for all of his work over the years."
"Being part of this amazing organization has been one of the most rewarding experiences of my life. More than 27 years ago, fresh out of college, I decided to join a small mortgage company led by Dan Gilbert. 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," Farner said in a statement.
Correction: A previous version of this article state that Jay Farner is the CEO of Rocket Mortgage. The story has since been updated, and we regret the error.
