CEO now part of the board
PennyMac announced Thursday it is making three major changes to its board of directors and executive leadership team.
The mortgage firm has named its CEO, David Spector, as chairman of the board. Spector joined PennyMac 13 years ago as chief investment officer. Prior to his tenure at PennyMac, he was with Morgan Stanley for over a year as co-global head of residential mortgages and spent more than 16 years at Countrywide Financial as senior managing director.
“I am honored that the board has entrusted me with this additional responsibility, and I am excited to continue leading this great company forward,” Spector said.
Additionally, PennyMac has added Jonathon Jacobson, founder of HighSage Ventures, to its board of directors and appointed Jeffrey Perlowitz as independent lead director. Perlowitz will succeed James Hunt, who served in that position for nearly eight years.
“I am also pleased to announce that Jon Jacobson has agreed to join our board. As an original sponsor of PennyMac when it was founded in 2008, Jon has been involved over the years and has been a trusted advisor to me and the company. Jon’s perspectives from his longstanding investment in the company and his invaluable experience are great assets for the board as PennyMac continues to execute on our growth strategy,” Spector said. “Jeff’s experiences and abilities, including his expertise in residential mortgage finance, make him particularly qualified to assume the role of Independent lead director.”
