Quicken IPO would be led by Gilbert confidants

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Billionaire businessman Dan Gilbert will have several close confidants in senior positions at the new listed Rocket Companies, according to documents filed with the SEC.

Gilbert on the board of directors of the new Rocket Companies, which will also include Quicken Loans Inc. and several affiliated subsidiaries, includes his wife Jennifer and several new executives at Quicken and Rock Holdings Inc.

The Rocket Companies board of directors, according to the SEC filing, will consist of the following people:

►Daniel Gilbert, 58, CEO

Gilbert is the founder of Quicken Loans, where he has been Chairman of the Board since 1985. From 1985 to 2002 he was also the chief executive officer of Quicken Loans. Gilbert is also the majority owner of the NBA Cleveland Cavaliers basketball team and the operator of the Rocket Mortgage Fieldhouse Arena in Cleveland.

►Jay Farner, 47, CEO and Director

Farner has been the CEO of Quicken Loans since 2017. He has been with the company since 1996 and was previously President and Chief Marketing Officer of Quicken Loans.

►Robert Walters, 55, President and Chief Operating Officer

Walter has been President and Chief Operating Officer of Quicken Loans since 2017. Previously, Walters was chief economist and executive vice president of Quicken Loans, responsible for capital markets and services. Walter joined Rock Financial in 1997 after holding positions with the National Bank of Detroit and DMR Financial Services.

►Julie Booth, 51, CFO and Treasurer

Booth has been with Quicken Loans since 2003 and has led the accounting and finance teams as Chief Financial Officer since 2005. She is responsible for the accounting, finance, treasury, tax, procurement and internal auditing functions. Prior to joining Quicken Loans, she was a senior manager at Ernst & Young LLP in Detroit.

►Angelo Vitale, 61, General Counsel and Secretary

Vitale was with Quicken Loans from 1997 to early 2020 and has led the legal, audit and risk teams since 2014 as Executive Vice President, General Counsel and Corporate Secretary. Prior to joining Quicken Loans, Angelo was Senior Counsel with another national mortgage company for 12 years.

►Jennifer Gilbert, 51, director

Gilbert is the founder of Amber Engine, a Detroit-based home furnishings services and solutions company founded in 2015. Prior to Amber Engine, Jennifer founded Doodle Home, a digital interior design platform that was sold to Dering Hall in 2015.She is the wife of Dan Gilbert and has been a director of Rock Holdings Inc. since 2019.

►Matthew Rizik, 65, director

Rizik joined Rock Holdings Inc. in 2012 as Chief Tax Officer. Before joining RHI, Matthew Tax was a partner at PricewaterhouseCoopers LLP in Detroit.

►Suzanne Shank, 58, director

Shank is President, CEO, and Co-Founder of Siebert Williams Shank & Co. LLC, a full-service investment banking company providing loan and equity-raising services to Fortune 500 companies and nationwide lending to community clients. Shank was previously Chairman and CEO of Siebert Cisneros Shank & Co. LLC, a company she co-founded in 1996.

►Nancy Tellem, 67, director

Tellem is the CEO of Eko, a media network that uses proprietary technologies to create interactive stories that respond to and utilize the interactive nature of modern media devices. Tellem previously held senior positions at several leading entertainment companies, including Xbox Entertainment Studios, CBS and Warner Brothers.

Last Tuesday, the Rocket Companies filed a federal securities form with their IPO proposal. It did not disclose the number or price of shares that would be offered on the New York Stock Exchange. However, experts estimated that an IPO could bring in tens of billions of dollars and be one of the largest of the year.

Quicken took out $ 145 billion in loans last year. And Tuesday’s filing offers a more in-depth look at the mortgage giant’s finances than ever before. In 2019, the company generated nearly $ 894 million on sales of more than $ 5.1 billion.

The transaction would make public a holding company comprised of personal finance and consumer service brands such as Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Core Digital Media, Rock Connections, Lendesk and Edison Financial.

The application contains business agreements with several other Gilbert companies, including Bedrock, that allow certain support services to continue. And, the memo, Bedrock is the landlord of several Gilbert-affiliated companies. Quicken paid $ 69.6 million for leases to Bedrock in 2019, $ 66.2 million in 2018, and $ 60.5 million in 2017.

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