PennyMac Financial Services, Inc. announced a series of organizational changes to position the company to achieve continued success and growth in the coming years. Stanford L. Kurland, currently Chairman and Chief Executive Officer, will assume the role of Executive Chairman. As Executive Chairman, Mr. Kurland will continue to lead the company's strategy, organizational development and governance and will represent PennyMac with its business partners, investors and other key external stakeholders, with a focus on advising and helping guide the senior management team in their areas of responsibility.

David A. Spector, currently Executive Managing Director, President and Chief Operating Officer, will become President and Chief Executive Officer of PennyMac Financial, reporting directly to Mr. Kurland. Doug Jones, currently Senior Managing Director and Chief Institutional Mortgage Banking Officer, will become President of PennyMac Loan Services (PLS), as well as Senior Managing Director and Chief Mortgage Banking Officer of PennyMac Financial. Anne D. McCallion, currently Senior Managing Director and Chief Financial Officer, will become Senior Managing Director and Chief Enterprise Operations Officer, with management responsibility for the company's Legal, Human Resources, Corporate Administration and Enterprise Operations functions.

Andrew S. Chang, currently Senior Managing Director and Chief Business Development Officer, will become Senior Managing Director and Chief Financial Officer. All three executives will report directly to Mr. Spector. Also, Daniel S. Perotti, Senior Managing Director and Chief Asset and Liability Management Officer, will become Senior Managing Director and Deputy Chief Financial Officer.

All other existing executive officers of the company will retain their current titles and roles, including: Steve Bailey, Senior Managing Director and Chief Mortgage Operations Officer; Jeffrey P. Grogin, Senior Managing Director and Chief Administrative and Legal Officer; Vandad Fartaj, Senior Managing Director and Chief Capital Markets Officer; and David M. Walker, Senior Managing Director and Chief Risk Officer. All of these changes are effective January 1, 2017.