PennyMac announces organizational changes and
Update on Kurland Family Investments, LLC
Westlake Village, California, November 18e, 2021 – PennyMac Financial Services, Inc. (NYSE: PFSI) and PennyMac Mortgage Investment Trust (NYSE: PMT) announced today that Andrew S. Chang has stepped down as Senior Managing Director and Chief Financial Officer operation of the two IFHPs. and PMT on December 31, 2021, in order to pursue other interests. Mr. Chang will assume a new role as Special Advisor to President and CEO David Spector at PFSI and PMT.
“Andy has been a dedicated leader and founding executive of PennyMac since its inception in 2008, and I am extremely grateful for the invaluable contributions he has made to the entire organization through his many and varied roles.” , said Mr. Spector. âHe has been an integral and influential part of our growth and success, and I look forward to benefiting from Andy’s business acumen and strategic foresight in his new role.
âSince the inception of PennyMac, our founder Stan Kurland has focused on proactively equipping the organization with the best talent and leadership capabilities in the industry, as well as a succession planning discipline that ensures the sustainability in the execution of our growth strategy. Stan’s legacy is made up of deep and experienced management teams. companies have today, and while Andy’s day-to-day presence will be missed, I have no doubts that we are positioned for continued success and growth in the years to come, âconcluded Mr. Spector.
âI am incredibly proud to have been an integral part of the growth and success of these great companies over the past 14 years,â said Mr. Chang. âIt has been a personal privilege to work alongside David and the talented management team and dedicated employees of PennyMac. It makes this difficult personal decision, which I have been evaluating for some time, all the more bittersweet . I have no doubts that PennyMac will achieve even more growth and success in the years to come, and I look forward to staying involved with businesses in my new role. ”
In a regulatory filing filed today, it was revealed that Kurland Family Investments, LLC has completed the sale of substantially all of its remaining shares of PFSI.
About PennyMac Financial Services, Inc.
Founded in 2008, the company is recognized as a leader in the US residential mortgage industry and employs approximately 7,300 people across the country. For the twelve months ended September 30, 2021, the production of newly issued loans by PennyMac Financial totaled $ 257 billion in outstanding principal balance, making it the second largest mortgage lender in the country. As of September 30, 2021, PennyMac Financial was managing loans totaling $ 495 billion in outstanding principal balance, making it one of the top ten mortgage services in the country.
Additional information about PennyMac Financial Services, Inc. is available at ir.pennymacfinancial.com.
About PennyMac Mortgage Investment Trust
PennyMac Mortgage Investment Trust is a mortgage real estate investment trust (REIT) that invests primarily in residential mortgage loans and mortgage related assets. PMT is managed externally by PNMAC Capital Management, LLC, a wholly owned subsidiary of PennyMac Financial Services, Inc. (NYSE: PFSI). Additional information on PennyMac Mortgage Investment Trust is available at www.PennyMac-REIT.com.
PennyMac Financial Services Inc. published this content on November 18, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 18, 2021 09:42:30 PM UTC.