Image: Brian Kelly
Image: Brian Kelly Bill Emerson

Quicken Loans has named a new CEO to replace Bill Emerson, who is transitioning to a role with the Detroit lender's parent company, Rock Holdings.

Emerson will immediately take on the newly created role of vice chairman at Rock Holdings, having served as Quicken's CEO since 2002. Succeeding him is Jay Farner, who has been with Quicken for 21 years and most recently served as president and chief marketing officer.

As CEO, Farner will be tasked with overseeing all aspects of Quicken's business while still working to expand the nonbank lender's influence in the fintech space, the company said in a statement. Emerson's new role will see him continuing to provide support to Quicken and "leading the growth of culture" for Rock Holdings' portfolio of companies, Quicken said. Emerson is also the immediate past chairman of the Mortgage Bankers Association.

Quicken also announced that Bob Walters will transition into the roles of president and chief operating officer. A 20-year veteran of Quicken, Walters most recently served as the company's chief economist and will now head up the company's day-to-day operations.

"For nearly all of Quicken Loans' 31-year history, Bill, Jay and Bob have been at the forefront, driving our strategy and culture," said Dan Gilbert, Quicken's chairman and founder, in a news release. "Their passion and absolute dedication to growing our team members has been instrumental in our company becoming the leader in technology, innovation and client service."