retail lender guild hostage announced Monday that Mary Ann McGarry is stepping down as CEO at the end of June, remaining on the California-based lender’s board of directors after retirement. Terry Schmidt, the current president of the guild, is the successor.
Thank you for reading this post, don't forget to subscribe!McGarry joined the Guild in 1984 as a supervisor in internal audits and held several leadership positions until being promoted to President in 2005 and CEO in 2007. He led the company from its base in the western US to become a nationwide lender with operations in 49 states.
In 2016, McGarry was recognized as one of HousingWire’s Women of Influence, and was honored as a HousingWire Vanguard in both 2017 and 2022. Under his leadership, Guild developed a specialty in serving first-time homebuyers, offering innovative low-down-payment programs and helping active duty and retired military personnel secure VA Loan.
McGarry has recently led the lender through several acquisitions, including cherry creek mortgage, inlanta mortgage And legacy mortgage, In an interview with HousingWire in October, she said that the buyout market changes from the refinance boom will leave some mortgage lenders and loan servicers with only two options: “Consolidate the business or get out.”
McGarry, who started at the guild when female mortgage officers were rare, quickly became a leader at the company, going from managing six people to 90 when she was in her late 20s. She became adept at spotting and developing talent, including her successor Schmidt.
“My first appointment to the Guild, 38 years ago, is now chairman and a partner,” McGarry told the HW Annual in October. “He is amazing and everyone in my internal audit group is still with the company in leadership positions today. Three of them are partners. This is living proof that empowering your partners and believing in them as well as yourself It is important to keep
In 2010, McGarry worked with his team to create the Guild Giving Program, which encourages employees to donate their time to worthy causes in their own communities. Beneficiaries include domestic violence shelters, habitat for HumanityThe navy seal foundation And this Children’s Cancer Association,
Furthermore, the guild mortgage bankers associationOpen Doors Foundation, which provides mortgage and rental assistance to parents of seriously ill or injured children.
McGarry will continue to receive her current base salary and other benefits until her effective retirement date. This includes eligibility for a cash bonus with a target amount of 150% of his salary, pro-rata for partial years of service as CEO. Securities and Exchange Commission (SEC).
McGarry’s salary for 2021 was $600,000, bringing his total compensation to $3.2 million. (There is no public information regarding 2022.) As a non-employee member of the Guild’s board of directors, she will receive cash and equity compensation, including a $50,000 annual cash retainer, according to the 14A filing.
Schmidt, chairman since August 2020, will be CEO effective July 1. SEC filings show that his base salary will increase from $600,000 to $675,000, and his target bonus will increase from 125% to 150% of his base salary. Schmidt will also receive an award of $500,000 worth of restricted stock units due on July 1, 2023.
Guild’s executive vice president David Neelan, who joined the company in 2007, will replace Schmidt as chairman. He will continue as the Guild’s Chief Operating Officer.
“Guild has been a remarkable growth story since McCarthy Capital invested in a management buyout of the company from its founder in 2007, along with Mary Ann, Terry and other Guild partners,” Patrick Duffy, chairman of the board, said in a statement.
The guild reports net income of $328 million in 2022, despite reporting a loss of $15 million in the fourth quarter of the year. Net income increased 16% from last year’s $283.8 million.
