PennyMac Financial Services announced third-quarter 2026 results and a finance leadership transition: Chief Financial Officer Daniel Perotti will leave that position at year-end and move into an advisory role, with Chief Strategy Officer Kevin Ryan set to take over on Jan. 1, 2027.
The company also extended the employment terms of Chairman and CEO David Spector and President and Chief Mortgage Banking Officer Doug Jones. Its announcement points investors to separate earnings materials for the quarter’s results; the text provided here does not include the financial figures.
Key details
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CFO transition: Perotti will resign as CFO on Dec. 31, 2026, and continue with PennyMac in an advisory capacity. Ryan, currently executive managing director and chief strategy officer, will become CFO the following day.
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Ryan’s background: He joined PennyMac in October 2025. Before that, he was president and CFO of Better Home & Finance Holding Company, overseeing finance, accounting, markets and risk. Earlier, he spent more than 20 years at Morgan Stanley, most recently as a managing director and co-head of banks and diversified finance in its investment banking division.
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Spector and Jones remain in their current roles: Spector will continue as chairman and CEO of PennyMac Financial Services and CEO of its subsidiary, Private National Mortgage Acceptance Company. Jones will remain president and chief mortgage banking officer of both companies.
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Extended employment terms: Spector’s agreement runs through Dec. 31, 2031; Jones’ runs through June 30, 2027.
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Pay and benefits: The agreements provide for annual base salaries set by the board, and eligibility for annual cash and equity incentives tied to performance targets. Future equity awards will be made under the company’s 2022 equity plan or a successor plan, with vesting governed by the applicable award terms. The agreements also provide 20 days of paid time off each year, medical benefits, certain tax and financial-counseling expense reimbursements, and reimbursement of reasonable business expenses.
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Certain termination protections: If either executive’s employment ends because of death or disability, a qualifying termination by the company, resignation for good reason, or a change of control, the agreements provide for payment of earned but unpaid prior-year bonuses and a prorated portion of the current-year bonus. Unvested equity awards would vest immediately.
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Third-quarter materials: PennyMac made its results release, presentation and supplemental financial information for the quarter ended Sept. 30, 2026, available on Oct. 29.
Plain-English implications
The CFO handoff has a defined date, with Perotti staying on in an advisory role after leaving the post. The extended agreements also set out how long Spector and Jones are expected to remain in their current positions, while tying their incentive compensation to performance targets.