On Monday, financial technology firm Rocket Cos. (US:RKT) shook up its executive suite, saying Chief Financial Officer Julie Booth and General Counsel Angelo Vitale are stepping down to move to strategic advisory roles at the company.
The mortgage lender said Booth became CFO in 2005, and Brian Brown, who joined the company in 2014, will replace her. The company said Tina John, previously Rocket’s deputy general counsel and assistant secretary, would replace Booth.
Detroit-based Rocket owns several personal finance and consumer technology brands, including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial.
“During her time as CFO, Julie has been a tremendous leader in our organization, helping guide our company through significant growth and expansion, culminating with our IPO in 2020,” said Jay Farner, Rocket Vice Chairman and CEO.
“Angelo has been an absolute pillar of this company for as long as I can remember. His wise counsel and passion for our business are legendary,” Farmer said.
Rocket reported second quarter results in August, showing revenue almost cut in half from a year ago data, to $1.4 billion from $2.7 billion.
“During this time of change in the industry, we are focused on operating our business with discipline. We reduced expenses by approximately $300 million during the second quarter and will continue to execute a prudent approach to cost management,” Julie Booth said at the time.
Rocket’s net income dropped to $60 million from more than $1 billion a year ago.in Q2 2021. It posted a $67 million adjusted loss in the quarter compared to a $921 million gain a year ago. Adjusted EBITDA fell $27 million into the red, compared to a $1.2 billion gain last year.
Rocket Mortgage, the nation’s largest wholesale mortgage lender, said its loan originations crashed in the quarter to $34.5 billion, from $83.7 billion a year ago.
Rocket Money, formerly called Truebill, consumer software that tracks spending across a broad array of accounts, doubled its subscribers year over year to more than two million.
According to Fintel’s latest insider transaction data, Rocket director Matthew Rizik acquired 4,900 shares for $8.72 each. On the same day, Rocket CEO Jay Farner bought 45,800 shares, also at $8.72.
Farmer also bought 69,100 shares at $8.67 each on July 13.
Insiders bought 291,300 shares at an average (non-weighted) price of $8.35 in July.
Rocket has some of the most enthusiastic insider trading among corporate executives. Company insiders last sold shares on March 29, 2021, when director Jennifer Gilbert sold 20.2 million shares at $24.75 each.
Insiders acquired 1.61 million shares and 3.47 million shares, respectively, in the past three and 12 months.
This article originally appeared on Fintel
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