Rocket Companies welcomed its new CEO Varun Krishna as an eighth member to its board of directors.
The decision to include Krishna on the board was confirmed through a recent regulatory filing, and his appointment became effective on Dec. 21, 2023. His term on the board will extend until the company's annual meeting in 2026.
According to regulatory filings, Krishna, poised to earn up to $20 million in total compensation as Rocket's CEO in the coming year, will not receive additional compensation for his role on the board. His compensation package includes a base salary and bonuses totaling $3.125 million and the potential for up to $16.875 million in stock and options awards.
The other seven members of Rocket's board include Dan Gilbert, founder and chairman of Rocket Companies; Jennifer Gilbert, Dan Gilbert’s spouse and the founder and CEO of Amber Engine; Bill Emerson, president and chief operating officer of Rocket Companies; Matthew Rizik, CEO of Rock Ventures; Suzanne Shank, president, CEO and co-founder of Siebert Williams Shank & Co.; Nancy Tellem, executive chair of Eko; and Jonathan Mariner, founder and president of TaxDay.
This addition to the board comes as Rocket seeks to strengthen its leadership team and drive the company's growth strategy.
“We are thrilled to welcome Varun to the Board of Directors. With more than 20 years of experience in the fintech space, Varun brings with him a wealth of knowledge and expertise. His innovative perspective on product development and technology is a strong addition to the Board of Directors as Rocket Companies continues to set the pace for fintech innovation in the mortgage industry,” said a Rocket Companies spokesperson.
In July 2023, Rocket’s board appointed Krishna, who has experience at PayPal and Intuit, to succeed interim CEO Bill Emerson. Krishna began his role as CEO in September 2023. Emerson stepped back into the role as CEO when Jay Farner retired in June following two quarterly losses.
The board members at Rocket who have no direct affiliation with the company are compensated with an annual cash retainer fee of $50,000. They also receive a cash meeting fee of $3,000 for each board meeting attended, in addition to stock options valued at $200,000.
