LoanDepot announces leadership shakeup, business line consolidation

A major shake-up at loanDepot will result in four executives from previous management leaving the company, including the head of its LDI Digital business.

These changes have been framed as being part of its Vision 2025 plan announced last July and come after the company announced its fifth consecutive period of net losses in the first quarter.

But they also come less than two months after loanDepot's board settled a proxy fight with founder Anthony Hsieh, which had forced him out of any day-to-day executive role at the company.

LDI Digital President Zeenat Sidi, who only joined the Irvine, California-based lender in March 2022 from SoFi, is being consolidated out of her position, as that business is now being placed under the control of LDI Mortgage President Jeff Walsh.

Hsieh brought Sidi on board when he separated  these lines, including mello, with the intention of it being a complimentary business to the origination and servicing function. This change reverses that.

David Hayes, a former compatriot of loanDepot president and CEO Frank Martell at CoreLogic, is coming aboard as chief financial officer effective June 26. Current CFO Patrick Flannigan will leave the company after a transition period.

At CoreLogic, where he had been for 13 years, Hayes' most recent title was executive, finance and treasurer.

Martell started at loanDepot in April 2022, following his departure from CoreLogic that January.

Also set to leave loanDepot are Chief Accounting Officer Nicole Carrillo and Chief Human Resources Officer Kevin Tackaberry, whose positions are being streamlined out of existence.

"As we continue to advance our Vision 2025 plan, we expect to drive automation and operating leverage and invest in customer-facing tools and solutions, as well as implement operational and structural changes to optimize and streamline our business and position loanDepot for long-term growth and success," Martell said in a press release.

These changes come following the promotion earlier this week of Alec Hanson to chief marketing officer from senior vice president of production for its west division.