Next Rocket CEO will face challenges

Farner comes at pivotal time for company

BY NICK MANES

In announcing his retirement last week from Rocket Companies Inc., CEO Jay Farner will pass the torch during a period of upheaval for the company and the mortgage business that forms its core.

e veteran executive has led the charge to diversify the company away from just mortgage lending into a broader nancial technology and services company, but much remains to be done.

Farner’s sudden exit from the parent company (NYSE: RKT) of Rocket Mortgage later this year comes just after Rocket and other mortgage lenders faced a challenging 2022 as interest rates spiked and much of the housing market went cold.

Farner’s exit from the company controlled by Chairman and majority shareholder Dan Gilbert appears amicable, analysts say. However, it also presents a signi cant question the company’s board must now answer: Who’s the right person to lead and what direction should the company go? experience what it is to be at a college or university. But at the same time, we also know we need to be prepared in the event something happens," said Christopher Knape, director of university communications at Grand Valley State University. "I don’t think anyone can prevent and prepare (for) every safety emergency that could arise.”

In the event of a threat, GVSU can lock down one or all of the buildings on its downtown Grand Rapids and Allendale campuses through a system installed a few years back.