Jay Farner Net Worth
Jay Farner net worth is well-established American entrepreneur and investor. Through his entrepreneurial efforts, he has amassed an immense fortune; serving as CEO for multiple corporations including Quicken Loans, Rocket Mortgage and Rocket Companies. Farner enjoys immense popularity on social media and is widely revered in his field; possessing an insatiable passion for building businesses while being an outstanding leader.
Farner amassed an estimated net worth of $43.4 Million as of 2022 thanks to his career in real estate and its related industries, holding various management positions and engaging in various charitable endeavors – contributing generously through donations made via various business endeavors and to charitable organizations.
Farner is also an avid sports fan with an extensive collection of memorabilia. His hobbies include traveling and spending time with his family. Married for an extended period, they share three children. Although Farner remains private regarding his personal life, it is believed he maintains close ties to both friends and family members.
As CEO, he has earned numerous accolades and awards for his company and efforts. These include being honored as 16-time JD Power highest customer satisfaction award winners as well as numerous other accolades including Crain’s Detroit Business 40 award recipients.
Farner is an industry icon and revered leader. His business empire includes multiple subsidiaries and affiliates that boast high profits; thanks to his passionate pursuit of success and dedication as a leader, it has only grown over the years.
At present, Farner owns 6,145,007 shares in Rocket Companies Inc (RKT). He has served as its Chief Executive Officer since its formation and been on its Board for more than 10 years.
Farner has received several awards for his work at Rocket Companies and made significant contributions to his community, serving on boards like Protect America Inc and YMCA of Metropolitan Detroit.
He announced in a recent earnings call that he will step down as CEO of Rocket Companies due to a recent downcycle in mortgage industry. While remaining on its board as director, his position as president will no longer exist. His decision stems from recent changes within this field of work.
Farner’s final year as CEO of Rocket Companies saw his compensation package increase five-fold over his annual pay in 2014. Most of this increase stemmed from stock awards and restricted stock units. Bill Emerson will soon replace Farner as he previously ran Rock Holdings; this change may help to improve Rocket’s profitability but may not make up for losses caused by current interest rate environment.