Irvine-based loanDepot, Inc., one of the nation’s largest non-bank providers of mortgages, announced Frank Martell will step down as chief executive, effective June 4 at the company’s annual stockholder meeting.
The Board plans to engage an executive search firm to conduct a CEO search during Martell’s transition period. If a permanent CEO has not been appointed by the time Martell’s resignation is effective on June 4, founder Anthony Hsieh will serve as interim CEO until a new CEO is appointed.
“It has been my distinct privilege to be part of Team loanDepot for the past three years and to lead the company through such an unprecedented and challenging market cycle,” Martell said in a statement. “Now is the right time to welcome a new CEO for loanDepot’s next chapter. I look forward to the company’s future success as a big fan of Team loanDepot and a significant shareholder.”
Shares of loanDepot were little change after the announcement at $1.80 each and a $585 million market cap (NYSE: LDI).
LoanDepot is scheduled to release its fourth-quarter results on March 11 after the market closes.
For more details, see the March 17 issue of the Business Journal.