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.

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