Rocket CEO Jay Farner gets big pay boost on the way out

ROCKET MORTGAGE BOSS Jay Farner received a big compensation boost in his last full year as CEO of the lender’s publicly traded parent company.

e annual report for Detroit-based Rocket Companies Inc. (NYSE: RKT), led Wednesday with the U.S Securities and Exchange Commission, shows that the outgoing CEO saw a 940% year-over-year boost in his compensation in 2022, fueled almost entirely by stock awards. He received none the previous year.

e rest of Rocket Companies’ C-suite also saw pay boosts largely tied to stock awards last year. Farner and the rest of the company’s top executives received no bonuses in 2022, although the ling says some saw extra money tied to work in past years.

Last year was tough for Rocket, along with much of the rest of the mortgage industry. Total net income, or pro t, fell by 88% year over year in 2022 to $700 million. at included a $500 million loss in thenal quarter of the year.

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Farner, a longtime Rocket executive who abruptly announced his upcoming retirement from the company in February at the age of 49, earned just less than $9.5 million in total compensation last year. at includes a base salary of $800,000 — the same as 2021 — as well as stock awards of more than $8.6 million. Farner’s total compensation last year was about 109 times greater than the median employee at Rocket, who earned $86,476, according to the ling.

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