0001805284
false
0001805284
2023-07-31
2023-07-31
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported)
July 31, 2023
Rocket
Companies, Inc. |
(Exact name of registrant as specified in its charter) |
Delaware |
001-39432 |
84-4946470 |
(State or other jurisdiction
of incorporation) |
(Commission
File Number) |
(I.R.S. Employer
Identification No.) |
1050 Woodward Avenue
Detroit, MI 48226 |
(Address of principal executive offices) (Zip Code) |
|
(313) 373-7990 |
(Registrant’s Telephone Number, Including Area Code) |
|
|
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Class A common stock,
par value $0.00001 per share |
|
RKT |
|
New York Stock Exchange |
Indicate by check mark whether the
registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On July 31, 2023, Rocket Companies, Inc. (the “Company”)
issued a press release announcing the appointment of Varun Krishna as permanent successor to the position of Chief Executive Officer of
the Company and other officer changes. A copy of that press release is furnished as Exhibit 99.1 to this Current Report and incorporated
herein by reference.
The information furnished pursuant to Item 7.01, including Exhibit
99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any
filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
| Item 9.01 | Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 31, 2023
|
ROCKET COMPANIES, INC. |
|
|
|
|
|
|
By: |
/s/ Tina V. John |
|
|
Name: |
Tina V. John |
|
|
Title: |
General Counsel and Secretary |
|
EXHIBIT 99.1
FOR
IMMEDIATE RELEASE
Rocket
Companies Appoints Varun Krishna Chief Executive Officer
| · | Highly Accomplished Fintech Executive with Proven Track Record of Delivering
Superior Performance and Innovation |
| · | Bob Walters, Rocket Companies Executive and Rocket Mortgage CEO to Retire
Effective September 5 |
| · | Krishna to Succeed Walters as Rocket Mortgage CEO in dual role; Bill Emerson
to Become President and Chief Operating Officer of Rocket Companies |
DETROIT,
July 31, 2023 -- Rocket Companies (NYSE: RKT), a Detroit-based fintech platform company consisting of tech-driven mortgage, real estate
and financial services businesses, including Rocket Mortgage, Rocket Homes, Rocket Loans and Rocket Money, today announced that its Board
of Directors has appointed accomplished fintech executive Varun Krishna as the company’s Chief Executive Officer, effective September
5, 2023.
Krishna
will succeed Bill Emerson, who has served as interim Chief Executive Officer since June. Emerson will continue in his interim role until
Krishna joins the Company, and will remain on the Rocket Companies Board while also working with Krishna to ensure a smooth transition
of leadership.
Krishna
has more than 20 years of experience building consumer platform strategies for leading global fintech companies. Most recently, Krishna
served as Executive Vice President and General Manager, Consumer Group of Intuit, Inc., where he oversaw the organization’s end-to-end
suite of consumer and tax products and services, including TurboTax and TurboTax Live. During his tenure, TurboTax Live became the fastest
growing product in Intuit’s history. Prior to Intuit, Krishna served as Senior Director of Product at PayPal, where he managed
the company’s global consumer product team.
“Varun
is a visionary leader with a proven track record of helping consumers achieve financial freedom. Throughout his career, he has delivered
innovative, technology-driven client experiences for complex personal transactions in large, fragmented markets,” said Dan Gilbert,
Founder and Chairman of Rocket Companies. “Varun’s experience aligns perfectly with Rocket’s vision, making him the
ideal person to drive growth, strong performance and operational excellence at Rocket. On behalf of the entire Board and our team members,
I welcome Varun as Rocket’s new CEO.”
“We
also thank Bill for his support in stepping up to serve as our interim Chief Executive,” added Gilbert. “Having served as
CEO of Rocket Mortgage, our flagship business, for 15 years, he is the right person to work alongside Varun going forward to ensure a
seamless transition.”
“I
am honored to join the Rocket Companies team,” said Krishna. “Rocket has a rock-solid foundation and tremendous potential,
with its comprehensive ecosystem and industry-renowned technology, strong brand and award-winning client service. I look forward to working
with Bill, the Board and Rocket’s exceptionally talented team members to drive the company’s future success and create long-term
value for our stakeholders.”
The
company also announced that Bob Walters has informed the Board of Directors of his intention to retire on September 5, when he will step
down from his roles as CEO of Rocket Mortgage and as President and Chief Operating Officer of Rocket Companies. Krishna will succeed
Walters at that time as Rocket Mortgage CEO and Emerson will assume the roles of President and Chief Operating Officer for Rocket Companies.
“Since
joining Rocket Mortgage more than 26 years ago, Bob has built an exceptional team and strengthened our foundation to enable the company
to grow in any market,” said Gilbert. “His legacy as a leader and an expert in Capital Markets will leave a lasting impact
on Rocket Mortgage and I thank him for the years of dedication to our business.”
“For
the last 27 years, I have been honored to work alongside many special and talented people who are also some of the very best anyone could
ever hope to spend a career with,” Walters said. “I’m excited about the next chapter, but I will deeply miss the camaraderie,
passion and excellence of everyone who has built Rocket into the great company that it is. I am proud to be able to leave with the
business in great hands, knowing, as Dan Gilbert often reminds us, ‘Our best days are most certainly ahead.’”
“Dan’s
impact on numerous industries, the cities of Detroit and Cleveland and so much more has been, and continues to be, profound. I couldn’t
have known so many years ago when I started that I’d have a front row seat to history. Working closely with Dan and learning
from him has been the privilege of a lifetime,” Walters added.
#
# #
About
Varun Krishna
Krishna
has served as Executive Vice President & General Manager of Intuit’s Consumer Group since his appointment in May of 2022. Prior
to this role, he served in a variety of leadership roles within the TurboTax and Mint businesses, most notably as its Senior Vice President
and GM from 2020-2022. Before Intuit, he served as Senior Director of Product at PayPal, where he managed the global consumer product
organization. Prior to these roles, Krishna held a myriad of product leadership roles at Groupon and Betterworks and spent nine years
at Microsoft, where he was named to several positions of increasing responsibility.
Krishna
holds a Bachelor’s degree in Computer Engineering from the University of Waterloo in Canada.
About
Rocket Companies
Founded
in 1985, Rocket Companies is a Detroit-based fintech platform company consisting of personal finance and consumer technology brands including
Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Mortgage Canada, Lendesk, Core Digital Media, Rocket Central
and Rocket Connections.
Rocket
Companies' mission is to be the best at creating certainty in life's most complex moments so its clients can pursue their financial dreams.
The Company helps clients achieve the goal of home ownership and financial freedom through industry-leading client experiences powered
by its simple, fast and trusted digital solutions. J.D. Power has ranked Rocket Mortgage, part of Rocket Companies, #1 in client satisfaction
for both primary mortgage origination and servicing 21 times – the most of any mortgage lender.
For
more information, please visit the Company's Corporate
Website or Investor
Relations Website.
v3.23.2
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Section 14a -Number 240 -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
Rocket Companies (NYSE:RKT)
Historical Stock Chart
From May 2024 to Jun 2024
Rocket Companies (NYSE:RKT)
Historical Stock Chart
From Jun 2023 to Jun 2024