(Adds details throughout)
By Dan Freed
Feb 10 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)