William Chang, who oversees Pennymac’s capital markets and funding exercise, is stepping down from his publish, and an interim successor to his obligations upon departure is in place.
Chang, who holds the title of chief capital markets officer on the monetary companies unit, is reportedly leaving “to discover new alternatives within the mortgage banking sector.” He is also the chief funding officer at Pennymac’s actual property funding belief and holds the title of senior managing director at each entities.
“Will has been at Pennymac for greater than a decade, taking part in a job to assist share the success of our group in numerous capacities, together with his most up-to-date function in our capital markets group,” Chairman and CEO David Spector mentioned in a press launch. “We’re appreciative of his a few years of dedication and laborious work, and we want him continued success in future endeavors.”
Mark Elbaum, who joined the corporate in April 2023 and is the managing director of strategic initiatives, will tackle Chang’s obligations.
“At Pennymac, we’ve a deep bench consisting of proficient leaders who I consider are among the many greatest within the business,” Spector mentioned. “To make sure a clean transition, I’ve requested Mark to step into the roles on an interim foundation, with the utmost confidence in his means to steer our capital markets group.”
Elbaum, like Pennymac’s founders, has ties to Countrywide. He oversaw capital markets, pricing, merchandise and hedging at one level throughout his tenure there. He additionally labored at Financial institution of America, which acquired Countrywide, and beforehand served in management at Residence Level Monetary. He was the chief monetary officer there.
“Along with his in depth mortgage banking background and energetic collaboration with Pennymac’s manufacturing pricing and capital markets groups, Mr. Elbaum is well-equipped to imagine the obligations of chief capital markets officer,” the corporate mentioned in its press launch.
