WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--
PennyMac Financial Services, Inc. (NYSE: PFSI) today announced a series
of organizational changes to position the company to achieve continued
success and growth in the coming years.
Stanford L. Kurland, currently Chairman and Chief Executive Officer,
will assume the role of 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.
David A. Spector, currently Executive Managing Director, President and
Chief Operating Officer, will become President and Chief Executive
Officer of PennyMac Financial, reporting directly to Mr. Kurland.
Doug Jones, currently Senior Managing Director and Chief Institutional
Mortgage Banking Officer, will become President of PennyMac Loan
Services (PLS), the company’s principal mortgage banking subsidiary
which encompasses all of its loan production and servicing activities,
as well as Senior Managing Director and Chief Mortgage Banking Officer
of PennyMac Financial. Anne D. McCallion, currently Senior Managing
Director and Chief Financial Officer, will become Senior Managing
Director and Chief Enterprise Operations Officer, with management
responsibility for the company’s Legal, Human Resources, Corporate
Administration and Enterprise Operations functions. Andrew S. Chang,
currently Senior Managing Director and Chief Business Development
Officer, will become Senior Managing Director and Chief Financial
Officer. All three executives will report directly to Mr. Spector.
Also, Daniel S. Perotti, Senior Managing Director and Chief Asset and
Liability Management Officer, will become Senior Managing Director and
Deputy Chief Financial Officer. All other existing executive officers of
the company will retain their current titles and roles, including: Steve
Bailey, Senior Managing Director and Chief Mortgage Operations Officer;
Jeffrey P. Grogin, Senior Managing Director and Chief Administrative and
Legal Officer; Vandad Fartaj, Senior Managing Director and Chief Capital
Markets Officer; and David M. Walker, Senior Managing Director and Chief
Risk Officer. No member of PennyMac Financial’s senior management team
is leaving the company as a result of these organizational changes.
“In the nine years since our founding and three and one-half years since
PennyMac Financial’s initial public offering, we have carefully
constructed an industry-leading platform and our performance and
achievements have been outstanding, including strong returns on equity,
earnings growth and book value growth. The organizational changes we are
announcing today reflect the depth of our highly skilled and experienced
senior management team and represent the next phase in the company’s
evolution, positioning us to capitalize on substantial growth
opportunities in the coming decade,” said Mr. Kurland.
Mr. Kurland continued, “I want to emphasize my intent to remain deeply
engaged in leading the strategic and operational direction of the
company for the foreseeable future. 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.
PennyMac Financial’s future has never looked brighter. I am very
optimistic as I look ahead to many years of continued strong performance
by our company. I am confident that we have the right leadership team,
employee workforce and best-in-class mortgage banking platform in place
to help us get there.”
All of these changes are effective January 1, 2017.
About PennyMac Financial Services, Inc.
PennyMac Financial Services, Inc. is a specialty financial services firm
with a comprehensive mortgage platform and integrated business focused
on the production and servicing of U.S. mortgage loans and the
management of investments related to the U.S. mortgage market. PennyMac
Financial Services, Inc. trades on the New York Stock Exchange under the
symbol “PFSI.” Additional information about PennyMac Financial Services,
Inc. is available at www.ir.pennymacfinancial.com.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, regarding management’s beliefs, estimates, projections and
assumptions with respect to, among other things, the Company’s financial
results, future operations, business plans and investment strategies, as
well as industry and market conditions, all of which are subject to
change. Words like “believe,” “expect,” “anticipate,” “promise,” “plan,”
and other expressions or words of similar meanings, as well as future or
conditional verbs such as “will,” “would,” “should,” “could,” or “may”
are generally intended to identify forward-looking statements. Actual
results and operations for any future period may vary materially from
those projected herein and from past results discussed herein. Factors
which could cause actual results to differ materially from historical
results or those anticipated include, but are not limited to: the
continually changing federal, state and local laws and regulations
applicable to the highly regulated industry in which we operate;
lawsuits or governmental actions that may result from any noncompliance
with the laws and regulations applicable to our businesses; the mortgage
lending and servicing-related regulations promulgated by the Consumer
Financial Protection Bureau and its enforcement of these regulations;
our dependence on U.S. government-sponsored entities and changes in
their current roles or their guarantees or guidelines; changes to
government mortgage modification programs; the licensing and operational
requirements of states and other jurisdictions applicable to the
Company’s businesses, to which our bank competitors are not subject;
foreclosure delays and changes in foreclosure practices; certain banking
regulations that may limit our business activities; our dependence on
the multifamily and commercial real estate sectors for future
originations of commercial mortgage loans and other commercial real
estate related loans; changes in macroeconomic and U.S. real estate
market conditions; difficulties inherent in growing loan production
volume; difficulties inherent in adjusting the size of our operations to
reflect changes in business levels; purchase opportunities for mortgage
servicing rights and our success in winning bids; changes in prevailing
interest rates; increases in loan delinquencies and defaults; our
reliance on PennyMac Mortgage Investment Trust (NYSE: PMT) as a
significant source of financing for, and revenue related to, our
mortgage banking business; any required additional capital and liquidity
to support business growth that may not be available on acceptable
terms, if at all; our obligation to indemnify third-party purchasers or
repurchase loans if loans that we originate, acquire, service or assist
in the fulfillment of, fail to meet certain criteria or characteristics
or under other circumstances; our obligation to indemnify PMT and the
Investment Funds if its services fail to meet certain criteria or
characteristics or under other circumstances; decreases in the returns
on the assets that we select and manage for our clients, and our
resulting management and incentive fees; the extensive amount of
regulation applicable to our investment management segment; conflicts of
interest in allocating our services and investment opportunities among
us and our advised entities; the effect of public opinion on our
reputation; our recent growth; our ability to effectively identify,
manage, monitor and mitigate financial risks; our initiation of new
business activities or expansion of existing business activities; our
ability to detect misconduct and fraud; and our ability to mitigate
cybersecurity risks and cyber incidents. You should not place undue
reliance on any forward-looking statement and should consider all of the
uncertainties and risks described above, as well as those more fully
discussed in reports and other documents filed by the Company with the
Securities and Exchange Commission from time to time. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements or any other information contained herein,
and the statements made in this press release are current as of the date
of this release only.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161213006149/en/
PennyMac Financial Services, Inc.
Media
Stephen Hagey,
(805) 530-5817
or
Investors
Christopher Oltmann,
(818) 264-4907
Source: PennyMac Financial Services, Inc.