PennyMac CEO Stan Kurland leaves post at short notice

  • After almost four years on the job
  • David Spector takes over
  • Kurland will remain as Executive Chairman at PennyMac

(management-change.com) — Westlake Village, California, December 13, 2016 — Stan Kurland, chief executive of PennyMac, leaves the position. It is a change at short notice. As announced by PennyMac Financial Services, Inc. in a news release and in a regulatory filing published on Tuesday, December 13, 2016, Stanford L. (Stan) Kurland leaves the post as Chief Executive Officer at the financial services company after almost four years on the job, effective January 01, 2017.

Kurland’s duties are taken over by David A. Spector, currently Chief Operating Officer at PennyMac Financial Services, Inc.

The move is part of a management shake-up.

“To achieve continued success and growth in the coming years”

Kurland’s move is explained as follows. PennyMac said: “PennyMac Financial Services … today announced a series of organizational changes to position the company to achieve continued success and growth in the coming years.”

Kurland will remain as Executive Chairman at PennyMac

Kurland, currently Chairman and Chief Executive Officer, will assume the role of Executive Chairman.

As Executive Chairman, Kurland will continue to lead the company’s strategy, organizational development and governance and will represent PennyMac with its business partners, investors and other key external stakeholders, with a focus on advising and helping guide the senior management team in their areas of responsibility.

On the job as CEO since 2013

Kurland has been Chairman of the Board and Chief Executive Officer since February 2013 and has been the Chief Executive Officer of Private National Mortgage Acceptance Company, LLC, or PNMAC, since May 2013, and, prior thereto, served as Chairman of the Board and Chief Executive Officer since its formation in January 2008.

In addition, Kurland has been the chairman of the board of PennyMac Mortgage Investment Trust, or PMT, since its formation in July 2009, the chairman of PNMAC Capital Management, LLC, or PCM, since its formation in March 2008, and the chairman of PennyMac Loan Services, LLC, or PLS, since its formation in February 2008.

Prior to the formation, Kurland served as a director and, from January 1979 to September 2006, held several executive positions, including president, chief financial officer and chief operating officer, at Countrywide Financial Corporation, or Countrywide, a diversified financial services company.

Kurland holds a BS from California State University, Northridge.

Read the full story in the management-change.com report 47.2016 ($).