February 10, 2017 / 4:46 PM / a year ago

UPDATE 1-Quicken Loans shakes up top management ranks

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By Dan Freed

Feb 10 (Reuters) - Quicken Loans, the second largest U.S. mortgage lender, has promoted President Jay Farner to chief executive in a shakeup of its top management, the company announced on Friday.

Bill Emerson, the outgoing CEO, becomes vice chairman of Rock Holdings, Quicken’s parent company.

Bob Walters, Quicken’s chief economist, becomes president and chief marketing officer.

Each of the three executives has spent more than 20 years at the 31-year-old company, founded by Chairman Dan Gilbert, who continues to play an active role in the business.

Gilbert is worth $5.1 billion, making him the 111th richest American, according to Forbes’ real time ranking.

Quicken is the largest business within privately-held Rock Holdings, which includes several trophy office buildings in downtown Detroit and the Cleveland Cavaliers basketball team, among other interests. Rock Holdings is headquartered in Detroit and has 16,000 employees. (Reporting by Dan Freed in New York, Editing by Franklin Paul and Tom Brown)

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