Pennymac announces a change in the C-suite

William Chang, who oversees Pennymac's capital markets and investment activity, is stepping down from his post, and an interim successor to his responsibilities upon departure is in place.

Chang, who holds the title of chief capital markets officer at the financial services unit, is reportedly leaving "to explore new opportunities in the mortgage banking sector." He also is the chief investment officer at Pennymac's real estate investment trust and holds the title of senior managing director at both entities.

"Will has been at Pennymac for more than a decade, playing a role to help share the success of our organization in various capacities, including his most recent role in our capital markets group," Chairman and CEO David Spector said in a press release. "We are appreciative of his many years of dedication and hard work, and we wish him continued success in future endeavors." 

Mark Elbaum, who joined the company in April 2023 and is the managing director of strategic initiatives, will take on Chang's responsibilities. 

"At Pennymac, we have a deep bench consisting of talented leaders who I believe are among the best in the industry," Spector said. "To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with the utmost confidence in his ability to lead our capital markets group."

Elbaum, like Pennymac's founders, has ties to Countrywide. He oversaw capital markets, pricing, products and hedging at one point during his tenure there. He also worked at Bank of America, which acquired Countrywide, and previously served in leadership at Home Point Financial. He was the chief financial officer there.

"With his extensive mortgage banking background and active collaboration with Pennymac's production pricing and capital markets teams, Mr. Elbaum is well-equipped to assume the responsibilities of chief capital markets officer," the company said in its press release.