Irvine-based loanDepot announced a leadership transition with the return of Founder, Chairman of the Board, and controlling shareholder Anthony Hsieh to the executive leadership team. This follows the upcoming departure of CEO Frank Martell, who will step down at the company’s annual stockholder meeting on June 4, 2025.
The company announced yesterday evening that Hsieh will take on the role of Executive Chairman of Mortgage Originations while Martell transitions to a Board advisory role.
The hunt for a new company CEO starts now. 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, 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.”
An industry veteran and lifelong entrepreneur, Hsieh founded loanDepot in 2010 with the goal of providing a mortgage experience focused on efficiency, care, and customer enthusiasm. As the architect of loanDepot’s proprietary software platform, mello, Hsieh also uses technology to drive originator ease, satisfaction, and competitive advantage.
Hsieh said, “We are grateful to Frank for his leadership during this pivotal time and wish him all the best. 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,” continued Hsieh. “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.”
Martell added, “It has been my distinct privilege to be part of Team loanDepot for the past three years and to lead the company through such an unprecedented and challenging market cycle. I am so proud of all that we accomplished together. With the key priorities of Vision 2025 successfully completed, now is the right time to welcome a new CEO for loanDepot’s next chapter. I look forward to the Company’s future success as a big fan of Team loanDepot and a significant shareholder.”
As previously announced, loanDepot will release its full-year and fourth-quarter 2024 financial results on March 11 after market close and host a conference call and live webcast at 5:00 p.m. ET.
