The verdict is in — the old way of doing business is over. Join us at Inman Connect New York Jan. 23-25, when together we’ll conquer today’s market challenges and prepare for tomorrow’s opportunities. Defy the market and bet big on your future.
Rocket Companies CEO Varun Krishna has been granted a seat on the mortgage giant’s board of directors, which has been expanded from seven members to eight to accommodate the move.
A veteran fintech executive who has held product management roles at companies including Intuit, PayPal, Groupon and Microsoft, Krishna succeeded interim CEO Bill Emerson on Sept. 5. His election to the board became effective Dec. 21, and his term expires at the company’s 2026 annual meeting, the company disclosed in a regulatory filing Thursday.
Varun Krishna
Krishna, who could haul in as much as $20 million next year as Rocket’s CEO (including $3.125 million in base salary and bonuses, and up to $16.875 million in stock and options awards), won’t earn additional compensation for his service on the board.
Jay Farner, who presided over Rocket Companies’ 2020 initial public offering and initiated the company’s transition to a fintech platform, retired on June 1 after 27 years with the company. Farner served as vice chairman of Rocket’s board from March 2020 to February 2023.
Farner’s 2020 compensation totaled $51.7 million, including a $30.5 million bonus and $20.4 million in stock and option awards. His 2021 compensation dropped to $1.6 million — an $800,000 base salary, plus a cash bonus of an equal amount.
Board members who are not affiliated with Rocket are paid an annual cash retainer fee of $50,000, a cash meeting fee of $3,000 per meeting and stock options valued at $200,000.
The seven other members of Rocket’s board of directors are:
- Dan Gilbert, founder and chairman of Rocket Companies
- Jennifer Gilbert, Dan Gilbert’s spouse and the founder and CEO of Amber Engine
- Bill Emerson, president and COO of Rocket…