Irvine-based loanDepot Inc., one of the largest mortgage originators in the U.S., made permanent Chairman Anthony Hsieh’s role as chief executive officer.
Hsieh, who founded the company in 2010, was CEO until 2022 when he stepped aside as Frank Martell assumed the role for three years and left in June.
The company’s sales and stock price have suffered in the past four years as the Federal Reserve increased its benchmark interest rate to combat inflation.
Hsieh’s strategic focus will be on returning the company to profitability, gaining market share, and “leapfrogging the industry with new technical capabilities” such as artificial intelligence. Hsieh plans to add several “top-tier executives” to his leadership team within the next 90 days, loanDepot said in a statement.
“We are fortunate Anthony has agreed to return to the role of CEO,” said loanDepot Board Member and Chair of the Nominating and Governance Committee Pam Patenaude. “The rapid acceleration of AI and its disruption of established operating models make this a unique moment in time for the company.
“The industry has entered a period of significant change, and with his founder’s mentality, history of disruption and commitment to innovation, no one is better suited than Anthony to lead loanDepot through this transformation.”
Shares of loanDepot rose 3.5% to $1.75 in after-hours trading following the announcement. They fell 5.1% to $1.69 and a $557 million market cap in regular trading hours.
Hsieh is on the Business Journal’s annual list of the wealthiest in Orange County. See this week’s print issue for more.
