PennyMac Financial Services Inc. (PFSI) and PennyMac Mortgage Investment Trust (PMT) announced Thursday that Vandy Fartaj is stepping down from his position as senior managing director and chief investment officer of both PFSI and PMT, “in order to pursue other interests.” He is being replaced by William Chang.
In February, PMT reported a net loss attributable to common shareholders of $5.8 million, or $(0.07) per common share on a diluted basis for the fourth quarter of 2022, on net investment income of $49.4 million. For 2022, PMT reported net income of $475.5 million, down from $1.0 billion in 2021.
Also in February, PFSI reported net income of $37.6 million for the fourth quarter of 2022, or $0.71 per share on a diluted basis, on revenue of $340.4 million. For all of 2022, it reported a net income of $475.5 million, down from $1.0 billion in 2021.
“Vandy has been with Pennymac for nearly 15 years and I am thankful for his long tenure, tireless efforts and the numerous contributions he has made throughout our history, including helping us pioneer lender credit risk transfer transactions and the first mortgage servicing rights securitizations,” said Chairman and CEO David Spector.
Chang has been appointed to the role of senior managing director and chief capital markets officer for PFSI and senior managing director and chief investment officer for PMT. Chang joined Pennymac more than 10 years ago and has a successful track record in various management positions across the company, including in corporate finance, business development, investor relations, and capital markets.
Most recently, Chang served as deputy chief investment officer for both PFSI and PMT. Prior to joining Pennymac, Chang served in the mergers & acquisitions group at Credit Suisse for over a decade, where he advised boards of directors and management teams on more than $100 billion of public and private transactions across a range of industries. He earned a B.A. in Political Economy from Williams College.
