loanDepot Names New Chief Accounting Officer

The executive suite changes at loanDepot continue, this time with the lender naming a new top accounting official.

According to a document dated July 7 and filed with the Securities and Exchange Commission, loanDepot’s board of directors promoted Darren Graeler, 56, to executive vice president and chief accounting officer (CAO), effective immediately.

According to the document, Graeler succeeds David Hayes, 48, as the company’s principal accounting officer. Hayes, loanDepot's chief financial officer (CFO), had also held the CAO title after the departure of Nicole Carrillo, who had left the company in June.

Her departure was among a few executive suite changes announced by loanDepot on June 5. That included the announcement that Hayes would join the company from CoreLogic Inc. and serve as CFO, effective June 26. 

Hayes succeeded former CFO Patrick Flanagan, who was scheduled to leave the company after a transition period.

At the time it announced Hayes’ hiring, loanDepot said he would be based at the company’s headquarters in Irvine, Calif., and would be responsible for managing loanDepot’s financial functions, "including its accounting, treasury, tax, corporate finance, and investor and lender relations activities.”

The company also had said Hayes would have a three-year contract with a base salary of $500,000.

The document filed with the SEC on July 7 — just 11 days after Hayes’ appointment took effect — announced the appointment of Graeler as the successor to Hayes as the company’s principal accounting officer.

Graeler had served since July 2018 as senior vice president, corporate accounting, at loanDepot. Before that, from 2007-18, he was a founding partner of Financial Services Advisory Partners LLC, a business advisory and management consulting firm for the financial services industry.

He also previously held various senior accounting positions and finance leadership roles at companies in the mortgage banking, commercial banking, and specialty finance industries. He began his career in the assurance practice at the accounting firm KMPG LLP, where he specialized in audits of public and nonpublic banks, mortgage lenders, and finance companies. 

He has a Bachelor of Science degree in accountancy from California State University at Long Beach.

According to the SEC filing, Graeler and loanDepot agreed to a three-year employment contract that will pay him a base salary of $335,000 and a target annual bonus of 100% of base salary (with a maximum annual bonus of up to 200% of target and, for 2023, a minimum annual bonus of 50% of the target bonus). He is also eligible for annual equity awards.

loanDepot officials declined to comment on the executive suite changes.

Those changes — which also included the departure in June of Chief Human Resources Officer Kevin Tackaberry — followed a contentious three-month proxy fight earlier this year between Anthony Hsieh, the company's founder and chairman, and its board of directors over Hsieh's desire to add Williston Financial Group (WFG) CEO Steve Ozonian to the loanDepot board.

The parties announced a settlement in early April, agreeing to end the fight while also expanding the board of directors by immediately adding Ozonian.

The changes in executive leadership also come as loanDepot continues to struggle financially. The company reported its fourth consecutive quarterly loss in May.