Guild CEO Mary Ann McGarry declares retirement

Retail lender Guild Mortgage introduced Monday that Mary Ann McGarry is retiring from the CEO place in late June, remaining on the California-based lender’s board of administrators after retirement. Terry Schmidt, Guild’s present president, is the successor. 

McGarry joined Guild in 1984 as a supervisor in inner audit and held a number of management positions till promoted to president in 2005 and CEO in 2007. She led the corporate from its base within the western U.S. to grow to be a nationwide lender with operations in 49 states. 

In 2016, McGarry was acknowledged as one in every of HousingWire’s Women of Influence, and honored as a HousingWire Vanguard in each 2017 and in 2022. Below her management, Guild developed a specialty in serving first-time homebuyers, introducing revolutionary low down-payment packages and serving to energetic responsibility and retired navy personnel safe VA loans.

McGarry has additionally led the lender by means of a number of acquisitions of late, together with Cherry Creek MortgageInlanta Mortgage and Legacy Mortgage. In an interview with HousingWire in October, she mentioned the shift from a refinance increase to a purchase order market will go away some mortgage lenders and mortgage officers with solely two choices: “Consolidate or exit the enterprise.”

McGarry, who began at Guild when feminine mortgage executives had been uncommon, quickly turned a frontrunner within the firm, going from managing six folks to 90 by the point she was in her late 20s. She turned adept at recognizing and rising expertise, together with Schmidt, her successor.

“My first rent at Guild, greater than 38 years in the past, is now the president and a accomplice,” McGarry mentioned at HW Annual in October. “She’s superb and everybody in my inner audit group remains to be with the corporate immediately in a management place. Three of them are companions. It’s proof that empowering your colleagues and having confidence in them in addition to your self is vital.”

In 2010, McGarry labored together with her crew to create the Guild Giving Program, which inspires staff to donate their time to worthy causes in their very own communities. Beneficiaries have included home violence shelters, Habitat for Humanity, the Navy SEAL Foundation and the Children’s Cancer Association.

As well as, Guild turned one of many first IMBs to assist the Mortgage Bankers Affiliation‘s Open Doors Foundation, which supplies mortgage and rental help to folks of critically in poor health or injured youngsters.

McGarry will proceed to obtain her present base wage and different advantages till the efficient retirement date. It contains the eligibility for a money bonus with a goal quantity of 150% of her wage, prorated for a partial 12 months of service as CEO, in response to filings with the Securities and Change Fee (SEC). 

McGarry’s wage for 2021 was $600,000, and her complete compensation reached $3.2 million. (There’s no public details about 2022.) As a non-employee member of Guild’s board of administrators, she’s going to obtain money and fairness compensation, together with a $50,000 annual money retainer, in response to a 14A submitting.  

Schmidt, president since August 2020, would be the CEO efficient July 1. The SEC filings present her base wage will enhance from $600,000 to $675,000, and her goal bonus will go from 125% to 150% of her base wage. Schmidt may also obtain an award of restricted inventory items valued at $500,000 on July 1, 2023.  

Guild’s government vice chairman David Neylan, who joined the corporate in 2007, will substitute Schmidt as president. He’ll proceed as Guild’s chief working officer.

“Guild has been a exceptional progress story since McCarthy Capital invested alongside Mary Ann, Terry, and different Guild companions in a administration buyout of the corporate from its founder in 2007,” mentioned Patrick Duffy, chairman of the board, in a press release. 

Guild posted a internet earnings of $328 million in 2022 regardless of posting a lack of $15 million within the fourth quarter of the 12 months. Internet earnings rose 16% from the earlier 12 months’s $283.8 million.