05:57 PM EST, 03/06/2025 (MT Newswires) -- LoanDepot ( LDI ) said Chief Executive Officer Frank Martell will step down, effective June 4, and a search for his successor is underway.

Martell will shift to a board advisory role, the company said Thursday in a statement.

Anthony Hsieh, loanDepot founder, chairman and controlling shareholder, will rejoin executive leadership as executive chairman of mortgage originations, the company said.

Hsieh, 60, is set to serve as interim CEO starting June 4 until a new CEO is appointed.