A new chief executive officer has been named by PennyMac Financial Services Inc. In addition, the young mortgage banking firm announced several other executive appointments.
Following the collapse of the subprime mortgage industry in 2007 just as the country was heading
into a massive financial hurricane, Stanford L. Kurland was launching PennyMac.
Kurland had been
chief financial officer and chief operating officer of Countrywide Financial Corp. until he left in 2006 amid a power struggle with then-chairman and CEO Angelo R. Mozilo.
But despite the precarious timing of PennyMac’s launch, the
Westlake Village, California-based company has grown to become a major mortgage player with nearly 3,000 employees and almost $50 billion in originations last year.
Now, Kurland is handing over the reins.
On Tuesday, PennyMac
disclosed that he will relinquish the CEO role, though he’ll stay on as executive chairman.
“As executive chairman, Mr. Kurland will continue to lead the company’s strategy, organizational development and governance and will represent PennyMac with its business partners, investors and other key external stakeholders, with a focus on advising and helping guide the senior management team in their areas of responsibility,” the statement said.
Taking over as CEO is
David A. Spector, who was promoted from executive managing director, president and COO.
Like Kurland, Spector left Countrywide in 2006. According to his LinkedIn profile, he worked at Morgan Stanley as co-head of residential mortgages until joining PennyMac in March 2008.
PennyMac Senior Managing Director and CFO Anne D. McCallion is becoming chief enterprise operations officer. In her new role, she’ll oversee legal, human resources and corporate administration.
Andrew S. Chang, who is senior managing director and chief business development officer, will take over the CFO position from McCallion.
Over at
PennyMac Loan Services, which is the principal mortgage banking subsidiary that handles all loan production and servicing activities, Doug Jones was named president. The new role is in addition to his current roles as senior managing director and chief institutional mortgage banking officer at PennyMac Financial.
“Today’s changes will allow the next generation of PennyMac’s leaders to assume broader roles and greater levels of responsibility, and I want to take the time to ensure that this transition is executed successfully and in an orderly fashion,” Kurland said in the announcement. “PennyMac Financial’s future has never looked brighter.”
The executive appointments go into effect on Jan. 1, 2017.
