PennyMac CEO David Spector Appointed; Lichtenstein Departs

TL;DR

PennyMac CEO David Lichtenstein out, COO David Spector takes over as CEO. Steven Bailey is interim Chairman.

AI Summary

PennyMac Financial Services, Inc. announced on September 27, 2024, the appointment of David Spector as Chief Executive Officer and President, effective immediately. Spector previously served as the company's Chief Operating Officer. The filing also disclosed the departure of David Lichtenstein from his roles as Chairman and CEO, and the appointment of Steven Bailey as interim Chairman. These changes are effective as of September 27, 2024.

Why It Matters

This leadership change at PennyMac Financial Services, a significant player in the mortgage industry, could signal a shift in strategic direction and impact investor confidence.

Risk Assessment

Risk Level: medium — Leadership changes, especially at the CEO level, can introduce uncertainty and potential strategic shifts, impacting the company's future performance and investor sentiment.

Key Players & Entities

• PennyMac Financial Services, Inc. (company) — Registrant
• David Spector (person) — Appointed CEO and President
• David Lichtenstein (person) — Departed Chairman and CEO
• Steven Bailey (person) — Appointed interim Chairman
• September 27, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value PFSI New York Stock Exchang

Filing Documents

• tm2425559d1_8k.htm (8-K) — 26KB
• tm2425559d1_ex99-1.htm (EX-99.1) — 9KB
• tm2425559d1_ex99-1img001.jpg (GRAPHIC) — 41KB
• 0001104659-24-105883.txt ( ) — 263KB
• pfsi-20240927.xsd (EX-101.SCH) — 3KB
• pfsi-20240927_lab.xml (EX-101.LAB) — 33KB
• pfsi-20240927_pre.xml (EX-101.PRE) — 22KB
• tm2425559d1_8k_htm.xml (XML) — 3KB

02. Departure of

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 27, 2024, William Chang announced that he will step down from his role as Senior Managing Director and Chief Capital Markets Officer of PennyMac Financial Services, Inc. (the "Company") effective October 11, 2024. On October 3, 2024, the Company announced that Mark Elbaum, Managing Director, Strategic Initiatives, will assume the responsibilities of Chief Capital Markets Officer upon Mr. Chang's departure on an interim basis. Item 7.01 Regulation FD Disclosure. On October 3, 2024, the Company issued a press release announcing the items described in Item 5.02 of the Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 hereto. The information in this Item 7.01 of this report, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of Section 18, nor shall it be deemed incorporated by reference into any disclosure document relating to the Company, except to the extent, if any, expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release dated October 3, 2024, entitled "Pennymac Announces Organizational Changes". 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PENNYMAC FINANCIAL SERVICES, INC. Dated:October 3, 2024 /s/ Daniel S. Perotti Daniel S. Perotti Senior Managing Director and Chief Financial Officer