- Push-out Score determined
- After less than a year and a half in the position
- Accolades, praise and thanks for Cook
- Search for a successor
- Cook spoke at length and said 154 words
(exechange) — Irving, Texas, February 17, 2022 — Patti Cook, chief executive of Finance of America, leaves. As announced by Finance of America Cos. in a news release and in a regulatory filing published on Thursday, February 17, 2022, Patricia L. (Patti) Cook leaves her post as chief executive officer at the consumer lending and services platform, after less than a year and a half in the role, effective upon the appointment of her successor.
Finance of America will undertake a search for a successor.
“Spending more time with family”
Finance of America did not give an explicit reason for Patti Cook’s departure from the CEO post. Cook said: “I’m proud of everything that I’ve accomplished throughout my 40-year long career. Now, I’m ready to embark on a new chapter in life including spending more time with family, especially my grandchildren.”
Precise information regarding Patti Cook’s future plans was not immediately available.
Finance of America said: “Chief Executive Officer Patricia L. Cook has informed the Board of Directors of her decision to retire from the Company. As part of this planned transition, Cook will continue to serve as Chief Executive Officer until a successor is appointed, and it is expected that she will remain on the Company’s Board of Directors through the date of the Company’s 2022 Annual Meeting of Stockholders.”
Finance of America further said: “On February 16, 2022, Patricia L. Cook, Chief Executive Officer and director of Finance of America Companies Inc. (the “Company”), informed the Company of her intention to retire as Chief Executive Officer of the Company, effective upon the appointment of her successor.”
Share price decline since May 2021
The announcement follows a decline in Finance of America Cos.’s share price of 68% since May 2021.
In the position of CEO since 2020
Patti Cook became CEO of the Company in 2020.
Patricia Cook joined the Company in March 2016, has served as Chief Executive Officer since October 2020 and joined the board of directors of the Company in connection with the Business Combination.
She served as President of the Company from March 2017 until October 2020.
Prior to joining the Company, Cook served as the President of Ditech Financial LLC from February 2013 to February 2016 and Executive Vice President of Green Tree Servicing (now Ditech Financial LLC) from January 2009 to February 2013.
Previous to Green Tree Servicing, Cook served as Executive Vice President and Chief Business Officer of Freddie Mac, Chief Investment Officer for JPMorgan and Chief Investment Officer for Prudential Investment Management, after beginning her career at Salomon Brothers in 1979.
Cook holds a B.A. from Saint Mary’s College and an M.B.A. from New York University Stern School of Business.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Patti Cook’s move on a scale of 0 to 10.
exechange reached out to Finance of America and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 8.2022 ($).