Detroit-based fintech Rocket Cos. — which includes Rocket Mortgage, Rocket Homes, Rocket Loans, and Rocket Money — has named Varun Krishna as the company’s CEO, effective Sept. 5.
Krishna will succeed Bill Emerson, who has served as interim CEO since June when Jay Farner left the post. Emerson will continue in his interim role until Krishna joins the company and will remain on the Rocket Cos. board while also working with Krishna to ensure a smooth transition of leadership.
Krishna has more than two decades of experience building consumer platform strategies for leading global fintech companies. Most recently, Krishna served as executive vice president and general manager of the Consumer Group at Intuit Inc., where he oversaw the organization’s end-to-end suite of consumer and tax products and services, including TurboTax and TurboTax Live.
During his tenure, TurboTax Live became the fastest growing product in Intuit’s history. Prior to Intuit, Krishna served as senior director of product at PayPal, where he managed the company’s global consumer product team.
Krishna holds a bachelor’s degree in computer engineering from the University of Waterloo in Canada.
“Varun is a visionary leader with a proven track record of helping consumers achieve financial freedom,” says Dan Gilbert, founder and chairman of Rocket Cos. “Throughout his career, he has delivered innovative, technology-driven client experiences for complex personal transactions in large, fragmented markets.
“Varun’s experience aligns perfectly with Rocket’s vision, making him the ideal person to drive growth, strong performance, and operational excellence at Rocket. On behalf of the entire board and our team members, I welcome Varun as Rocket’s new CEO.
“We also thank Bill for his support in stepping up to serve as our interim chief executive,” Gilbert adds. “Having served as CEO of Rocket Mortgage, our flagship business, for 15 years, he is the right person to work alongside Varun going forward to ensure a seamless transition.”
Krishna says: “I am honored to join the Rocket Cos. team. Rocket has a rock-solid foundation and tremendous potential, with its comprehensive ecosystem and industry-renowned technology, strong brand and award-winning client service. I look forward to working with Bill, the board, and Rocket’s exceptionally talented team members to drive the company’s future success and create long-term value for our stakeholders.”
The company also announced that Bob Walters has informed the board of directors of his intention to retire on Sept. 5, when he will step down from his roles as CEO of Rocket Mortgage and as president and COO of Rocket Cos. Krishna will succeed Walters at that time as Rocket Mortgage CEO and Emerson will assume the roles of president and COO for Rocket Cos.
“Since joining Rocket Mortgage more than 26 years ago, Bob has built an exceptional team and strengthened our foundation to enable the company to grow in any market,” Gilbert says. “His legacy as a leader and an expert in capital markets will leave a lasting impact on Rocket Mortgage and I thank him for the years of dedication to our business.”
In related news: Rocket Mortgage was named No. 1 for client satisfaction in mortgage servicing by J.D. Power in Troy. This is the ninth time Rocket Mortgage has topped the list, which is based on client feedback collected by the independent research firm.
“Many homebuyers don’t think twice about who will service their mortgage when they apply for a home loan but, with a mortgage lasting as many as 30 years, their servicer can make a huge difference,” says LaQuanda Sain, executive vice president of servicing at Rocket Mortgage. “We see mortgage servicing as a long-term relationship, and we take the responsibility that comes with that relationship very seriously.”
In addition to overall client satisfaction, J.D. Power’s study ranked Rocket Mortgage No. 1 in the following categories:
- Digital Channels
- Easy to do Business With
- Keeps Clients Informed and Educated
- Resolving Problems or Questions
Mortgage servicing is the role of managing a homeowner’s loan from closing until it is paid off. Servicers collect mortgage payments, and pay taxes and insurance on the client’s behalf through an escrow account. They also solve any issues that may arise, including recovering from natural disasters or finding solutions for clients facing financial hardship.
