Publicly traded lender and servicer Guild Mortgage revealed its leadership succession plan, following the announcement Monday of the upcoming retirement of
As head of the San Diego-based company since late 2007, McGarry will step back from leadership duties on June 30. Taking over as CEO will be current president Terry Schmidt. McGarry plans to remain on the board of directors.
Guild also said it plans to promote executive vice president David Neylan to president, a role he will serve concurrently alongside his current position of chief operating officer.
"Guild has been a remarkable growth story since McCarthy Capital invested alongside Mary Ann, Terry and other Guild partners in a management buyout of the company from its founder in 2007," said Patrick Duffy, chairman of the board and managing partner at McCarthy Capital, in a press release.
"We look forward to continuing our partnership with Mary Ann as she will remain a significant stockholder and a member of the board."
McGarry began her tenure at Guild in 1984 as an internal audit supervisor, advancing to senior leadership positions over the next four decades, including chief financial officer and COO. In 2005, McGarry was named Guild's president before her appointment to CEO in 2007. Prior to entering the mortgage industry, she was an accountant with Peat, Marwick, Mitchell & Co.
McGarry was at the helm of the company in the runup to its
Guild reported profits in each quarter as a publicly traded entity until the last three months of 2022, as originations contracted industrywide.
Working alongside McGarry for most of her career, Schmidt started with Guild in 1985, later being promoted to controller. In 1997, Schmidt took over as CFO, a position she held until 2020 when she was named president.
Neyland has served as the company's COO since 2020. Before stepping up to the C-suite, he served as senior vice president, business development from 2014 to 2019. Neyland joined Guild in 2007 after beginning his career in originations at CMG Mortgage.
Along with holding leadership at Guild, McGarry has served as an advocate for the home finance community as a member of Fannie Mae's advisory council and the board of directors at the Mortgage Bankers Association.
"Her leadership has been innovative and responsible," praised MBA President and CEO Bob Broeksmit, president and CEO of the Mortgage Bankers Association.
"She set the tone for Guild being proactive in participating in all sorts of programs for the underserved. She has given sensible direction to me and other members of the MBA board and we are thankful for her ongoing contributions to our industry," he said.
