PennyMac Financial Services Welcomes New Board Member

By Bobby Samwell • Saturday, September 07 15:12 • Permanent Link

PennyMac Financial Services, Inc. (NYSE: PFSI) has recently made changes to its Board of Directors, as announced on September 6, 2024. Sunil Chandra, a technology and financial services expert, has joined the Board, while James Hunt and Emily Youssouf will retire effective December 31, 2024.

David Spector, Chairman and Chief Executive Officer of PennyMac, expressed gratitude to Jim and Emily for their long service on the Board, spanning over 10 years, and acknowledged their contributions to the company's growth and transformation into a leading mortgage company. Spector also welcomed Sunil Chandra to the Board, highlighting his leadership experience in technology, financial services, and global operations.

Sunil Chandra, the new addition to the Board, brings with him a distinguished career, having served as the Founder and Chief Executive Officer of Dyme.Earth, a climate fintech company, and as the Chief Executive Officer of OakNorth, where he led an AI-powered credit platform managing over $17 billion in assets. Chandra also held significant roles at Google and Barclays Capital, among others. He holds a Bachelor of Engineering in Computer Engineering from the University of Wollongong, Australia, and an MBA in Technology Management from APESMA, Sydney.

PennyMac Financial Services, Inc., founded in 2008, is a specialty financial services firm focused on the production and servicing of U.S. mortgage loans and the management of related investments. For the twelve months ended June 30, 2024, the company's production of newly originated loans totaled $101 billion in unpaid principal balance, solidifying its position as a top lender in the nation. Additionally, as of June 30, 2024, the company serviced loans totaling $633 billion in unpaid principal balance, further establishing its standing as a top mortgage servicer in the nation.

This announcement marks a significant change in the composition of PennyMac's Board of Directors, with the addition of Sunil Chandra and the impending retirement of James Hunt and Emily Youssouf, signaling a new phase for the company's leadership. The market has reacted to these announcements by moving the company's shares -1.4% to a price of $106.63. For the full picture, make sure to review PennyMac Financial Services's 8-K report.

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