LoanDepot CEO Martell steps down

LoanDepot (LDI) announced a Board- and executive-level leadership transition. Company Founder, Chairman of the Board, and controlling shareholder Anthony Hsieh rejoins the loanDepot executive leadership team as Executive Chairman of Mortgage Originations, while Frank Martell has stepped down from his current posts, effective at the Company’s annual stockholder meeting on June 4, and will transition to a Board advisory role at that time. 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, Hsieh will serve as interim CEO until a new CEO is appointed. “We are deeply grateful for Frank’s steadfast leadership over the past three years and during this transition,” said loanDepot Board member and Chair of the Nominating and Corporate Governance Committee Pam Patenaude. “During Frank’s tenure, loanDepot successfully implemented the Vision 2025 strategic plan which stabilized the company during a turbulent mortgage market, significantly reduced costs, and made important investments for the future. We are very fortunate that a leader of Anthony’s caliber is available to help guide the Company as we search for a new CEO. He built the company from the ground up, and there is no one with more passion and energy for loanDepot than Anthony.”