Chief information officer Brian Woodring to leave Rocket

Rocket Mortgage Chief Information Officer Brian Woodring is departing the company to pursue other opportunities, multiple sources told HousingWire. The decision comes as the lender shifts its business strategy to embrace artificial intelligence (AI). 

Woodring joined Rocket in 2017 as chief technology officer to lead the product engineering team. As CIO, he was responsible for the strategy and delivery of digital products, technology platforms, and data intelligence. Woodring has more than 20 years of experience as an engineer and technology leader, and before joining Rocket, he worked at Black Knight, Inc. 

A company spokesperson confirmed in an emailed response that Woodring “announced his decision to leave Rocket Mortgage to pursue other opportunities.” 

“He has been an integral part of the senior leadership team – contributing to our technology, innovation, and the growth of our AI systems,” the spokesperson added. “Rocket is well into its search for the next world-class technology leader to continue the momentum of AI-fueled homeownership.”

The news that Woodring will depart the company comes a day after Rocket announced the launch of its patented AI-driven platform, Rocket Logic. This platform, Rocket claims, allows the company to close loans 2.5 times faster than the industry average. 

Rocket Companies, the parent of the mortgage lender, put AI at the center of its business strategy. Executives have expressed confidence that it will accelerate the company’s path to profitability. In 2023, the firm lost money, with a GAAP net loss of $390 million and an adjusted net loss of $143 million (non-GAAP).

The strategy is supported by Varun Krishna, a former executive at Intuit and PayPal, who was appointed the company’s new CEO in July 2023. He replaced Bob Walters. 

Rocket has changed its board of directors and executive team since Krishna took over as CEO. 

In January, Jonathan Mildenhall, a former Airbnb and Coca-Cola executive, was hired to a newly created chief marketing officer position. The following month, AI and fintech expert Alastair (Alex) Rampell, who co-founded several fintech firms, including Affirm, joined the company’s board. 

In March, Noah Edwards was promoted to the firm’s chief accounting officer, replacing Brian Brown, who had assumed the CAO position in addition to being the company’s chief financial officer and treasurer. In the same month, Tim ​​Birkmeier announced its retirement after a nearly 28-year stint at the Michigan-headquartered lender.