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Investing.com -- LoanDepot Inc. (NYSE:LDI) stock falls 1.1% in Monday premarket trading after the mortgage lender announced that CEO Frank Martell has left the company to become the chief executive of SmartRent Inc. (NYSE:SMRT), a provider of smart automation for building owners.
SmartRent stated that Martell’s appointment is effective immediately. Martell had been serving as LoanDepot’s CEO since 2022, and earlier this year, LoanDepot had already announced his plans to step down from the position.
Following Martell’s departure, LoanDepot founder Anthony Hsieh has stepped in as interim CEO while the company searches for a permanent replacement. Prior to joining LoanDepot, Martell had a lengthy career at CoreLogic spanning more than a decade, where he held various leadership positions including CFO, COO, and ultimately CEO.
At SmartRent, Martell fills a vacancy created in April when the company announced that Shane Paladin had stepped down from his positions as president and CEO. SmartRent chairman John Dorman had been serving as interim CEO until Martell’s appointment.
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