Rocket appoints new chief technology officer in latest AI push

Rocket Cos. added another technology veteran to its C-suite in the latest of a series of high-profile leadership moves.

The Detroit-based parent of Rocket Mortgage and related real estate businesses, named Shawn Malhotra its first company-wide chief technology officer, as it makes further investments to aim to establish itself as an artificial intelligence leader in housing and real estate. 

Malhotra comes in as the newest face on the executive team, joining the top ranks less than a year after the appointment of CEO Varun Krishna, who later also ascended to board directorship. Earlier this year, the company named former Airbnb leader Jonathan Mildenhall chief marketing officer, another newly created role, and welcomed AI expert Alex Rampell onto its board. 

"Shawn's primary objective will be to increase the rate of innovation and execution in the organization, amplifying Rocket's AI initiatives," Krishna said in a press release.

Hand-out/Rocket Companies, Inc.

Malhotra most recently held the title of head of engineering and product development for Toronto-based information services firm Thomson Reuters, overseeing initiatives for the entire company. Among his accomplishments was the launch of an enterprise platform aimed at developing generative AI solutions as well as the creation of an artificial intelligence assistant to help navigate all of Thomson Reuters' products. He also played a pivotal role in founding the company's Toronto Technology Centre, which is dedicated to AI research and development, after joining the multinational giant in 2017. 

"His fresh perspective and track record of leveraging AI to simplify and automate processes makes me confident that, together, we will quickly realize our vision of AI-fueled homeownership."

The arrival of Malhotra also coincides with the recent sudden departure of Rocket's former chief innovation officer Brian Woodring, who left the company last month to pursue other opportunities. Woodring previously held the role of chief technology officer at Rocket Mortgage.

Malhotra's hiring adds more artificial intelligence heft to the Rocket brand, with the company making no secret of its AI ambitions over the past several months. Prior to his role at Thomson Reuters, Malhotra spent several years in software development and leadership at Intel and Qualcomm. 

"I am looking forward to being part of this pivotal time in Rocket Cos.' history and am eager to explore how AI can simplify the path to homeownership," Malhotra said. "I truly believe in the transformative potential of AI technology."

Since late 2023 after it rolled out Pathfinder, an AI-backed loan officer assistant, the company has announced several other new initiatives tapping into the newest technology, such as Rocket Logic, a data verification platform. Late last month, it boosted its internal AI offerings with Rocket Logic — Synopsis, which upped the customer service ability of the tool to include call transcription and analysis.

Rocket Homes, the company's real estate listing business, has also recently made AI functions on its app available on Apple Carplay and Vision Pro products.