Rocket Companies, the parent of Rocket Mortgage, promoted Noah Edwards as the firm’s chief accounting officer. Edwards will replace Brian Brown, who had assumed the CAO position in addition to being the company’s chief financial officer and treasurer.
As chief accounting officer, Edwards will receive a base salary of $358,000. He will be eligible for other compensation and benefits provided to similarly situated team members, according to an 8-K filing with the U.S. Securities and Exchange Commission(SEC).
Edwards was most recently Rocket’s senior vice president of accounting, a position he served in since November 2022, before he was promoted to vice president of accounting and director of accounting.
Rocket has gone through other major leadership changes in the past year, with the most recent being the departure of Tim Birkmeier, president of Rocket Mortgage.
Birkmeier announced his retirement from Rocket this month, ending a nearly 28-year stint. No one will be filling the position immediately, the company announced.
Rocket has been also been adding board members. Varun Krishna, CEO of Rocket Companies, joined the board in December, while fintech expert Alastair (Alex) Rampell added Feb. 1. Rocket now has a total of nine members on its board of directors.
The company — under the helm of Krishna, a veteran in the financial technology world — is focused on technology more than ever.
Rocket piloted an AI virtual assistant, which resulted in the automation of nearly two-thirds of its income-verification tasks in December 2023.
Going forward, Rocket plans to expand AI to other business channels to drive enhanced client experiences and operational efficiency. Rocket reported a GAAP net loss of $390 million in 2023 and an adjusted net loss of $143 million. In its fourth-quarter earnings report, executives stated that the company expects to continue growing market share through its AI strategy.