The longtime executive and CEO of Rocket Mortgage from 2002 to 2017 will retire but remain on the Board of Directors, according to a Securities and Exchange Commission filing this week. Emerson helped lead the lender and servicer through its enormous growth into an industry leader and its latest evolution as a financial technology player. 

"Bill is a champion of our culture and ISMs, helping shape the values that guide us," the company said in a statement, referring to Rocket's internal culture guidelines. "... We're deeply grateful for his impact and the legacy he continues to build."

The statement described Emerson's career at Rocket, beginning 32 years as a mortgage banker when the business was known as Quicken Loans. He was interim CEO of Rocket Cos. from June to September 2023, and led the hiring of current CEO Varun Krishna, 

Emerson also was the vice chairman of parent company Rock Holdings from 2017 to 2023, and served in a leadership role at the Bedrock real estate development business from 2020 to 2023. There are currently no plans for someone to assume Bill's title as president of Rocket Cos., a spokesperson said.

The lender grew into a household name during Emerson's tenure, while the CEO was a cheerleader for digital mortgage adoption. He notably defended Rocket's direct-to-consumer model, particularly after its Super Bowl commercial in 2015 when audiences were unfamiliar with emerging digital application processes. 

The departing president leaves the lender on strong footing, as it continually generates quarterly multi-billion dollar origination volume and frequent profits. Rocket has also spent heavily on artificial intelligence investments, which the company says led to a slightly reduced headcount this year at the 14,000-member business. 

The mortgage giant also closed its $1.75 billion acquisition of digital brokerage Redfin in July, and expects its blockbuster deal for Mr. Cooper to close in the fourth quarter this year.