Retail lender Guild Mortgage introduced Monday that Mary Ann McGarry is retiring from the CEO place in late June, remaining on the California-based lender’s board of administrators after retirement. Terry Schmidt, Guild’s present president, is the successor.
McGarry joined Guild in 1984 as a supervisor in inside audit and held a number of management positions till promoted to president in 2005 and CEO in 2007. She led the corporate from its base within the western U.S. to change into a nationwide lender with operations in 49 states.
McGarry has additionally led the lender via a number of acquisitions of late, together with Cherry Creek Mortgage, Inlanta Mortgage and Legacy Mortgage. In an interview with HousingWire in October, she mentioned the shift from a refinance increase to a purchase order market will go away some mortgage lenders and mortgage officers with solely two choices: “Consolidate or exit the enterprise.”
The chief will proceed to obtain her present base wage and different advantages till the efficient retirement date. It contains the eligibility for a money bonus with a goal quantity of 150% of her wage, prorated for a partial yr of service as CEO, based on filings with the Securities and Alternate Fee (SEC).
McGarry’s wage for 2021 was $600,000, and her whole compensation reached $3.2 million. (There’s no public details about 2022.) As a non-employee member of Guild’s board of administrators, she’s going to obtain money and fairness compensation, together with a $50,000 annual money retainer, based on a 14A submitting.
Schmidt, McGarry’s first rent at Guild in 1985 and president since August 2020, would be the CEO efficient July 1. The SEC filings present her base wage will enhance from $600,000 to $675,000, and her goal bonus will go from 125% to 150% of her base wage. Schmidt may also obtain an award of restricted inventory models valued at $500,000 on July 1, 2023.
Guild’s govt vp David Neylan, who joined the corporate in 2007, will exchange Schmidt as president. He’ll proceed as Guild’s chief working officer.
“Guild has been a outstanding progress story since McCarthy Capital invested alongside Mary Ann, Terry, and different Guild companions in a administration buyout of the corporate from its founder in 2007,” mentioned Patrick Duffy, chairman of the board, in an announcement.
Guild posted a web revenue of $328 million in 2022 regardless of posting a lack of $15 million within the fourth quarter of the yr. Web revenue rose 16% from the earlier yr’s $283.8 million.