Frank Martell, who stepped down as CEO of Irvine, Calif.-based nonbank mortgage lender, loanDepot, earlier this month, has begun a new role as president and CEO of SmartRent, a smart home/ smart building automation company.
Martell’s transition from loanDepot was announced back in March. Anthony Hsieh, founder and chairman of the board of loanDepot, returned to an executive leadership role as interim CEO and president, and the lender has continued its search for a permanent CEO.
At the time of the announcement, loanDepot’s board planned to use an executive search firm to find a new CEO. If a permanent CEO hadn’t been appointed by the time Martell departed, Hsieh would remain in his interim role 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 chairperson of its Nominating and Corporate Governance Committee, Pam Patenaude.
New Role And Company
SmartRent, which is based in Scottsdale, Ariz. and was founded in 2017, provides connected devices and cloud-based software to property owners and managers in the multifamily space.
The company announced its own CEO transition in late July 2024, when then-CEO Lucas Haldeman stepped down from that position and resigned from the board. The board formed a management committee of its executives “to guide the company through the transition period” and engaged an executive search firm to identify a new CEO.
SmartRent, which at that time suspended its full-year 2024 outlook, wrote in a LinkedIn post that it is now “thrilled” to have Martell at the helm. The company noted Martell has been a member of its board of directors and served on the board’s Audit and Nominating and Corporate Governance committees since June 2024.
“As a SmartRent board member, Frank saw firsthand what sets us apart — our technology, our people, and the measurable value we deliver every day,” the post reads. “Now, as President and CEO, he’s here to accelerate what’s next.”
“With more than 30 years of leadership in real estate, data, and technology, Frank knows what it takes to scale complex platforms and deliver real results,” SmartRent noted. The company has been focused on a transition to a SaaS model and away from hardware, and reported a 17% revenue increase and 35% decrease, respectively, in those lines of business in the first quarter of 2025.
As President and CEO, Martell will lead SmartRent's executive team “in advancing the company’s vision and expanding its market presence, with a clear focus on delivering measurable value for customers and shareholders by enhancing portfolio performance, operational efficiency, and resident and team satisfaction,” according to the company.
