Editor’s Note: This story has been updated to clarify Stanford Kurland’s new role as executive chairman of PennyMac Financial Services and PennyMac Mortgage Investment Trust.
Stanford Kurland will step down from his role as CEO of PennyMac Financial Services and its affiliate PennyMac Mortgage Investment Trust.
Kurland, who also has served as board chairman, is not leaving the companies though: He will assume the role of executive chairman at both. In this position, he will continue to lead PennyMac’s corporate strategy, organizational development and governance, the company said Tuesday.
He will also continue to represent the company with business partners and investors.
The move is being made to open up PennyMac to further business and growth opportunities in the years ahead, Kurland said in a news release.
“I want to emphasize my intent to remain deeply engaged in leading the strategic and operational direction of the company for the foreseeable future,” Kurland said in the release. “Today’s changes will allow the next generation of PennyMac’s leaders to assume broader roles and greater levels of responsibility, and I want to take the time to ensure that this transition is executed successfully and in an orderly fashion.”
The move triggered a series of appointments throughout the rest of the PennyMac organization, though no executives are leaving the company at this time.
In Kurland’s place, David Spector, who currently serves as president and chief operating officer, will fill the position of president and CEO. Spector will report directly to Kurland in this position.
Doug Jones, currently senior managing director and chief institutional mortgage banking officer, will become the president of PennyMac Loan Services, the company’s mortgage banking subsidiary. Jones will remain chief mortgage banking officer.
Anne McCallion, who now works as chief financial officer, will become chief enterprise operations officer. In this capacity, she will oversee the company’s legal, human resources, corporate administration and enterprise operations functions.
Additionally, Andrew Chang, PennyMac’s chief business development officer, will succeed McCallion as CFO. The company’s deputy CFO will be Daniel Perotti, who currently is PennyMac’s chief asset and liability management officer.
Jones, McCallion and Chang will all report to Spector. All other executives will remain in their current roles.
All of the changes are effective Jan. 1.