Irvine, California-headquartered loanDepot Inc. announced the return of company founder and board chairman Anthony Hsieh to the executive leadership team as executive chairman of mortgage originations, while Frank Martell will step down as president, CEO and a board member and take on a board advisory broad.
Martell’s departure will be effective at the company’s annual stockholder meeting on June 4. The company plans to engage an executive search firm to conduct a CEO search during Martell’s transition period, with Hsieh taking on the interim CEO role if a permanent replacement is not secured by June 4.
“We are grateful to Frank for his leadership during this pivotal time and wish him all the best,” said Hsieh. “loanDepot is a special company with unique potential – and I am all in as we work together to drive a new era of growth and innovation while continuing to delight customers in everything we do. I’m ready to roll up my sleeves to do the hard work with our origination teams – and Team loanDepot at large – as we build upon the terrific foundation that’s been set here. By working together, challenging the status quo and innovating, we can position our beloved Company for greatness – even in the face of a very protracted and challenging market cycle.”
