Rocket Companies Inc RKT announced on Monday that Rocket Mortgage CEO Jay Farner will step down in June after more than 27 years with the company.

Rocket’s C-Suite Changes: If Farner resigns, Bill Emersonthe vice chairman of Rock Holdings, will become interim CEO of Rocket Mortgage, the Detroit-based company said.

Rocket Mortgage is a fintech platform that offers mortgage, real estate and financial services to clients. According to Bankrate.com, Rocket Mortgage is by far the largest mortgage lender in the United States.

The company said while Emerson becomes interim CEO, Rocket is beginning a search for a permanent CEO. Emerson will also assume Farner’s seat on the Rocket board of directors, effective immediately.

Rocket reiterated its adjusted revenue guidance for the fourth quarter of 2022 in Monday’s press release. Rocket’s stock traded up about 1% to $8.70 on Monday morning.

Farner was CEO of rocket mortgage since 2017. According to the founder, Farner ran Rocket Mortgage during its most profitable and fastest growing period Dan Gilbert.

“The fastest growth phase”: “Since being named CEO of Rocket Mortgage in 2017 and subsequently CEO of Rocket Companies in connection with the August 2020 IPO, Jay has delivered the fastest streak of growth and profitability in our 37-year history,” Gilbert said in a statement.

“His passion for people and his vision for the future have helped Rocket tremendously and on behalf of the entire board I would like to thank him for all his work over the years.”

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