Officers & Directors

Officers & Directors

Executive Management

Stanford L. Kurland
EXECUTIVE CHAIRMAN
Stanford L. Kurland is the founder and Executive Chairman of PennyMac Financial Services, Inc. (NYSE: PFSI). Mr. Kurland has been the company’s Executive Chairman since January 2017. Previously, he was Chairman of the Board and Chief Executive Officer of PennyMac Financial. Mr. Kurland also serves as Executive Chairman of PennyMac Mortgage Investment Trust (NYSE:PMT).

Mr. Kurland also has served as Chairman of PNMAC Capital Management, LLC (PCM) since its formation in March 2008, and as Chairman of PennyMac Loan Services, LLC (PLS) since its formation in February 2008.

Prior to the company’s founding, Mr. Kurland served as a director and, from 1979 to 2006, held several executive positions, including President, Chief Financial Officer and Chief Operating Officer, at Countrywide Financial Corporation, a diversified financial services company.

Mr. Kurland holds a Bachelor of Science from California State University, Northridge.
David A. Spector
PRESIDENT AND CHIEF EXECUTIVE OFFICER
David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financial’s board of directors since the company’s formation in January 2008. Previously, Mr. Spector served as PennyMac Financial’s President and Chief Operating Officer.

Mr. Spector also serves as President and Chief Executive Officer of PennyMac Mortgage Investment Trust (NYSE: PMT), and he has been a member of the PennyMac Mortgage Investment Trust board of directors since its formation in May 2009.

Mr. Spector also has been Chairman of the board of directors of PNMAC Mortgage Opportunity Fund, L.P. and PNMAC Mortgage Opportunity Fund, LLC since its formation in May 2008.

Prior to joining the company, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based in London. Before joining Morgan Stanley in 2006, Mr. Spector was the Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he was employed from 1990 to 2006.

Mr. Spector earned a bachelor’s degree from the University of California, Los Angeles.
Steven Richard Bailey
SENIOR MANAGING DIRECTOR AND CHIEF MORTGAGE OPERATIONS OFFICER
Steve Bailey has been Senior Managing Director and Chief Mortgage Operations Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since February 2016. He is responsible for directing the company’s loan servicing and retail sales operations, including the implementation of the methods and programs directed at improving the value of acquired loans, as well as setting and managing performance goals for all aspects of the servicing and loan administration functions. Additionally, Mr. Bailey provides executive oversight for the application development and information technology groups, and the portfolio strategy group. He also serves as Senior Managing Director and Chief Mortgage Operations Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Bailey was the company’s Chief Operations Officer and Chief Servicing Officer. He has served on the company’s management team since 2010.

Prior to joining the company, Mr. Bailey served in a variety of executive and leadership positions within Countrywide Financial Corporation (and Bank of America Corporation, as its successor) from 1985 until 2010.

Mr. Bailey earned his Bachelor of Music from the University of Southern California.
Andrew S. Chang
SENIOR MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER
Andrew S. Chang has been Senior Managing Director and Chief Financial Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017. He is responsible for overseeing the company’s financial management, reporting and controls, and tax management, as well as corporate development, portfolio acquisitions and investor relations activities. Mr. Chang also serves as Senior Managing Director and Chief Financial Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Chang was the company’s Chief Business Development Officer and Chief Fund Administration Officer. He has served on the company’s management team since its founding in 2008.

Prior to joining the company, Mr. Chang was employed at BlackRock, Inc., a global investment management firm, from 2005 to 2008, as a senior member in its advisory services practice, specializing in financial strategy and risk management for banks and mortgage companies. From 1999 to 2005, he was a management consultant and Engagement Manager at McKinsey & Company, a global consulting firm, advising large financial institutions in the areas of strategy, operational performance and organization.

Mr. Chang earned an A.B. magna cum laude with highest honors in biology from Harvard University.
Vandad Fartaj
Senior Managing Director and Chief Capital Markets Officer
Vandad Fartaj has been Senior Managing Director and Chief Capital Markets Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since February 2016. He is responsible for all capital markets and investment-related activities, including the development and execution of investment strategies, secondary marketing, hedging activities and capital markets strategies with government-sponsored enterprises. In addition, Mr. Fartaj is responsible for developing and managing relationships with Wall Street broker-dealers and fixed income investors. Mr. Fartaj also serves as Senior Managing Director and Chief Investment Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Fartaj was the company’s Chief Capital Markets Officer. He has served on the company’s management team since its founding in 2008.

Prior to joining the company, Mr. Fartaj was employed in a variety of positions, from 1999 to 2008, at Countrywide Securities Corporation, a broker-dealer, managing the strategy and execution of the whole loan conduit. Mr. Fartaj is an experienced mortgage banking executive with substantial experience in capital markets, mortgage-related investments, and interest rate and credit risk management.

Mr. Fartaj earned a bachelor’s degree in Political Science from the University of California, Los Angeles.
Jeffrey P. Grogin
SENIOR MANAGING DIRECTOR AND CHIEF ADMINISTRATIVE OFFICER
Jeffrey P. Grogin has been Senior Managing Director and Chief Administrative Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since February 2018. His areas of responsibility include: regulatory relations, human resources, social media administration, corporate training and learning functions, facilities, legal, and procurement and vendor relations. Mr. Grogin has significant experience in real estate, regulatory matters, mergers and acquisitions, securities, and mortgage banking law. He also serves as Senior Managing Director and Chief Administrative Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Grogin was the company’s Senior Managing Director and Chief Administrative and Legal Officer and Assistant Secretary and has held various executive positions with the company since its founding in 2008.

Prior to joining the company, Mr. Grogin was a founding and managing partner of Samaha Grogin, LLP, a law firm representing local, national and international clients in specialized litigation and complex transactional matters. He also was an associate at Gibson, Dunn & Crutcher, where he worked on mergers and acquisitions, securities, and mortgage banking-related matters.

Mr. Grogin is an owner of Snood, LLC, a computer games publisher, where he has served as president since 1999.

Mr. Grogin earned his B.S. in journalism from the University of Florida and his J.D., cum laude, from Loyola Law School in Los Angeles, California.
Doug Jones
SENIOR MANAGING DIRECTOR AND CHIEF MORTGAGE BANKING OFFICER
Doug Jones has been Senior Managing Director and Chief Mortgage Banking Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he was appointed President of PennyMac Loan Services (PLS) in March 2017. Mr. Jones is responsible for all business activities relating to the company’s loan production, loan servicing and application development operations.

Mr. Jones also serves as Senior Managing Director and Chief Mortgage Banking Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) and as Senior Managing Director and Chief Mortgage Banking Officer of Private National Mortgage Acceptance Company, LLC (PNMAC).

Previously, Mr. Jones was the company’s Chief Correspondent Lending Officer. He has served on the company’s management team since 2012.

Prior to joining the company, Mr. Jones worked in several executive positions, including Senior Managing Director, Correspondent and Warehouse Lending, at Countrywide (and Bank of America Corporation, as its successor) from 1997 until 2011, where he was responsible for managing and overseeing retail sales at Bank of America, in addition to correspondent and warehouse lending operations.

Mr. Jones earned a B.A. in economics from California State University, Sacramento.
Anne D. McCallion
SENIOR MANAGING DIRECTOR AND CHIEF ENTERPRISE OPERATIONS OFFICER
Anne D. McCallion has been Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and has been a member of PennyMac Financial's board of directors since February 2018. She is responsible for overseeing the company’s enterprise operations function and has management responsibility for legal, regulatory relations, human resources, technology infrastructure and corporate administration. Ms. McCallion also serves as Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Ms. McCallion was the company’s Chief Financial Officer. She has served on the company’s management team since 2009.

Prior to joining the company, Ms. McCallion was employed by Countrywide (and Bank of America Corporation, as its successor), where she worked in a variety of executive positions, including Deputy Chief Financial Officer and Chief Operations Officer, from 1991 to 2008.

Ms. McCallion earned a B.S. from Gannon University in Pennsylvania and an M.B.A. from Ashland University in Ohio.
Daniel S. Perotti
SENIOR MANAGING DIRECTOR AND DEPUTY CHIEF FINANCIAL OFFICER
Daniel S. Perotti has been Senior Managing Director and Deputy Chief Financial Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017. He is responsible for oversight of all accounting operations, the balance sheets, analysis of realized and projected financial performance, and valuation of investment assets for the company and the entities it manages. Mr. Perotti also serves as Senior Managing Director and Deputy Chief Financial Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Perotti was the company’s Chief Asset and Liability Management Officer. He has served on the company's management team since 2010.

Prior to joining the company, Mr. Perotti was a Vice President at BlackRock, Inc. and served as the head of the quantitative research team within its BlackRock Solutions business from 2002 to 2008.

Mr. Perotti earned his Bachelor of Arts in economics and computer science from Columbia University in 2002.
Derek W. Stark
Senior Managing Director and Chief Legal Officer and Secretary
Derek W. Stark has been Senior Managing Director and Chief Legal Officer and Secretary of PennyMac Financial Services, Inc. (NYSE: PFSI) since February 2018. Mr. Stark is responsible for overseeing all of the company’s legal management, compliance and affairs, including securities, corporate governance and corporate transactions, and he serves as the primary legal contact with the company’s board of directors. He also serves as Senior Managing Director and Chief Legal Officer and Secretary of PennyMac Mortgage Investment Trust (NYSE: PMT).

Mr. Stark previously served as the company’s Managing Director, General Counsel and Secretary, and he has served on the company’s senior management team since 2009.

Prior to joining the company and after leaving private practice, Mr. Stark served in a variety of executive positions, including Executive Vice President and Deputy General Counsel, from 1999 to 2008, at Countrywide Financial Corporation.

Mr. Stark has served on the Board of Trustees of West Hills Hospital and Medical Center since 2013.

Mr. Stark earned a B.A. in Political Science from the University of California, Berkeley and a J.D. from Loyola Law School, Los Angeles.
David M. Walker
Senior Managing Director and Chief Risk Officer
David M. Walker has been Senior Managing Director and Chief Risk Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017. He is responsible for enterprise risk management, credit risk management, mortgage compliance and internal audit. Mr. Walker also serves as Senior Managing Director and Chief Risk Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Mr. Walker was the company’s Chief Credit and Enterprise Risk Officer. He has served on the company’s management team since its founding in 2008.

Prior to joining the company, Mr. Walker served in a variety of executive positions from 2002 to 2007 at Countrywide Bank, N.A., including Chief Credit Officer and Chief Lending Officer. From 1992 to 2002, he served in a variety of executive positions at Countrywide Funding Corporation (CFC), including Executive Vice President of Secondary Marketing and Managing Director and Chief Credit Officer. Prior to joining CFC, Mr. Walker was employed at Citibank N.A. in leveraged acquisitions and U.S. securitization and at McKinsey & Company as a Finance Specialist.

Mr. Walker earned a B.A. from California State University, Fullerton and an M.B.A. from the University of Southern California.

Board of Directors

Stanford L. Kurland
EXECUTIVE CHAIRMAN
Stanford L. Kurland is the founder and Executive Chairman of PennyMac Financial Services, Inc. (NYSE: PFSI). Mr. Kurland has been the company’s Executive Chairman since January 2017. Previously, he was Chairman of the Board and Chief Executive Officer of PennyMac Financial. Mr. Kurland also serves as Executive Chairman of PennyMac Mortgage Investment Trust (NYSE:PMT).

Mr. Kurland also has served as Chairman of PNMAC Capital Management, LLC (PCM) since its formation in March 2008, and as Chairman of PennyMac Loan Services, LLC (PLS) since its formation in February 2008.

Prior to the company’s founding, Mr. Kurland served as a director and, from 1979 to 2006, held several executive positions, including President, Chief Financial Officer and Chief Operating Officer, at Countrywide Financial Corporation, a diversified financial services company.

Mr. Kurland holds a Bachelor of Science from California State University, Northridge.
James K. Hunt
Independent Lead Director
Mr. Hunt has been a member of our Board since April 2013 and has been appointed to serve as our independent lead director. Mr. Hunt is currently retired. From November 2015 until his retirement in August 2016, Mr. Hunt served as the managing partner and CEO, middle market credit at Kayne Anderson Capital Advisors, LLC, a leading alternative investment firm in the areas of energy, real estate, credit and specialty growth capital.

From August 2014 to November 2015, Mr. Hunt served as non-executive chairman of the board of THL Credit, Inc., an externally-managed, non-diversified closed-end management investment company. Mr. Hunt served as chief executive officer and chief investment officer of THL Credit, Inc. and of THL Credit Advisors, a registered investment advisor that provides administrative services to THL Credit, Inc., from April 2010 to July 2014 and, prior thereto, held similar executive positions with predecessor entities since May 2007. Previously, Mr. Hunt was chief executive officer and managing partner of Bison Capital Asset Management, LLC, a private equity firm, from 2001 to 2007. Prior to co-founding Bison Capital, Mr. Hunt was the president of SunAmerica Corporate Finance and executive vice president of SunAmerica Investments (subsequently, AIG SunAmerica). Mr. Hunt currently serves on the board of CION Ares Diversified Credit Fund, a diversified, closed-end management investment company. Mr. Hunt formerly served on the boards of THL Credit, Inc., THL Credit Advisors, Primus Guaranty, Ltd., Fidelity National Information Services, Inc. and Lender Processing Services, Inc. Mr. Hunt received a BBA from the University of Texas at El Paso and an MBA from the Wharton School of the University of Pennsylvania.

We believe Mr. Hunt is qualified to serve on our Board because of his experience in capital markets and in managing financial services companies.
Matthew Botein
Mr. Botein has been a member of our Board since our formation. Since January 2017, Mr. Botein has served as managing partner at Gallatin Point LLC, a private investment and advisory firm. Since January 2017, he also has served as a consultant to BlackRock, Inc., or BlackRock, a global investment management firm, as part of a two-year initial term during which he will advise BlackRock on certain aspects of its alternative investment business. Prior thereto, from November 2009 to January 2017, he was employed at BlackRock and held the position of managing director and co-head of BlackRock Alternative Investors and the title of chief investment officer for alternative investments.

He previously served as chairman of Botein & Co., LLC, a private investment and advisory firm, from July 2009 through November 2009, and as a managing director of Highfields Capital Management LP, or Highfields, an investment management firm, from 2003 through June 2009. Mr. Botein currently serves on the boards of Northeast Bancorp, a bank holding company, and Aspen Insurance Holdings Limited, a specialty insurance and reinsurance provider. He formerly served on the boards of First American Corporation, PennyMac Mortgage Investment Trust and CoreLogic, Inc. Mr. Botein holds an AB from Harvard College and an MBA from the Harvard Business School.

We believe Mr. Botein is qualified to serve on our Board because of his considerable experience in the financial services industry, where he has managed portfolio investments in the banking, insurance, asset management, capital markets and financial processing sectors.
Patrick Kinsella
Mr. Kinsella has been a member of our Board since July 2014. Mr. Kinsella has served as an adjunct professor at the USC Marshall School of Business since August 2011. Prior to his retirement as a senior audit partner with KPMG LLP, or KPMG, in May 2013, Mr. Kinsella spent over 35 years at KPMG serving clients generally concentrated in the financial services sector, including banks, thrifts, mortgage companies, automotive finance companies, alternative investment companies and real estate companies. Mr. Kinsella received a BS from California State University, Northridge and is a licensed certified public accountant in the State of California.

We believe Mr. Kinsella is qualified to serve on our Board because of his extensive experience in providing professional accounting and auditing services to the financial services industry.
Joseph Mazzella
Mr. Mazzella has been a member of our Board since our formation in December 2012. Mr. Mazzella retired in March 2017 after serving as the managing director and the general counsel of Highfields Capital Management LP, or Highfields, an investment management firm, which he joined in 2002.

Prior to joining Highfields, Mr. Mazzella was a partner at the law firm of Nutter, McClennen & Fish, L.L.P., in Boston, Massachusetts. Prior to private practice, he was an attorney at the Securities and Exchange Commission from 1978 to 1980, and previously served as a law clerk in the Superior Court of the District of Columbia. Mr. Mazzella has served on multiple public company boards of directors, including Alliant Techsystems, Inc. and Data Transmission Networks Corporation, and he served as chairman of the board of Insurance Auto Auctions, Inc. Mr. Mazzella received a BA from City College of New York and a JD from Rutgers University School of Law.

We believe Mr. Mazzella is qualified to serve on our Board because of his broad experience and strong business and legal backgrounds in the financial services industry.
Anne D. McCallion
Anne D. McCallion has been Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and has been a member of PennyMac Financial's board of directors since February 2018. She is responsible for overseeing the company’s enterprise operations function and has management responsibility for legal, regulatory relations, human resources, technology infrastructure and corporate administration. Ms. McCallion also serves as Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Mortgage Investment Trust (NYSE: PMT).

Previously, Ms. McCallion was the company’s Chief Financial Officer. She has served on the company’s management team since 2009.

Prior to joining the company, Ms. McCallion was employed by Countrywide (and Bank of America Corporation, as its successor), where she worked in a variety of executive positions, including Deputy Chief Financial Officer and Chief Operations Officer, from 1991 to 2008.

Ms. McCallion earned a B.S. from Gannon University in Pennsylvania and an M.B.A. from Ashland University in Ohio.
Farhad Nanji
Mr. Nanji has been a member of our Board since our formation in December 2012. In December 2016, Mr. Nanji co-founded MFN Partners Management, L.P., a value-oriented investment management firm based in Boston, Massachusetts. Prior thereto, until December 2015, Mr. Nanji served as a managing director of Highfields Capital Management LP, or Highfields, an investment management firm, where he focused on portfolio investments in distressed securities, restructurings, structured credit and global financial services from 2006. Prior to joining Highfields, Mr. Nanji was an associate with HighVista Strategies, an investment management firm, and he also served as an engagement manager in the financial institutions group at McKinsey & Company, a global consulting firm. Mr. Nanji received an MBA from Harvard Business School and a B.Com. degree from McGill University.

We believe Mr. Nanji is qualified to serve on our Board because of his expertise in the mortgage and financial services businesses.
David A. Spector
David A. Spector has been President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) since January 2017, and he has been a member of PennyMac Financial’s board of directors since the company’s formation in January 2008. Previously, Mr. Spector served as PennyMac Financial’s President and Chief Operating Officer.

Mr. Spector also serves as President and Chief Executive Officer of PennyMac Mortgage Investment Trust (NYSE: PMT), and he has been a member of the PennyMac Mortgage Investment Trust board of directors since its formation in May 2009.

Mr. Spector also has been Chairman of the board of directors of PNMAC Mortgage Opportunity Fund, L.P. and PNMAC Mortgage Opportunity Fund, LLC since its formation in May 2008.

Prior to joining the company, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based in London. Before joining Morgan Stanley in 2006, Mr. Spector was the Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he was employed from 1990 to 2006.

Mr. Spector earned a bachelor’s degree from the University of California, Los Angeles.
Theodore W. Tozer
Mr. Tozer has been a member of our Board since August 2017. Mr. Tozer served as the president of the Government National Mortgage Association, or Ginnie Mae, from February 2010 to January 2017. Before joining Ginnie Mae, Mr. Tozer served as senior vice president of capital markets at National City Mortgage Company. He also has served as a charter member of the National Lender Advisory Boards of both Fannie Mae and Freddie Mac, chairman of the Capital Markets Committee of the Mortgage Bankers Association of America (MBA), and as a member of the Residential Board of Governors of the MBA. Mr. Tozer received a B.S. degree in Accounting and Finance from Indiana University in 1979, and is a Certified Public Accountant (inactive) and a Certified Management Accountant.

We believe Mr. Tozer is qualified to serve on our Board because of his numerous years of experience in the mortgage and financial services businesses and his deep understanding of mortgage banking and agency relations.
Mark Wiedman
Mr. Wiedman has been a member of our Board since our formation in December 2012. Mr. Wiedman has been the global head of BlackRock, Inc.’s iShares business since September 2011 and is a member of BlackRock’s global operating committee.

Previously, Mr. Wiedman was the head of corporate strategy for BlackRock and led the clients and advisory team within the financial markets advisory group in BlackRock Solutions, a group which advises financial institutions and governments on managing their capital markets exposures and businesses. Prior to joining BlackRock in 2004, Mr. Wiedman, as executive director, led the global product development and strategy group at Morgan Stanley Investment Management. He previously was a management consultant at McKinsey & Company, advising financial institutions in the United States, Europe and Japan. He also served as senior advisor and chief of staff for the Under Secretary for Domestic Finance at the U.S. Treasury Department. He has taught as an adjunct associate professor of law at Fordham University in New York and Renmin University in Beijing. Mr. Wiedman earned an AB degree from Harvard College and a JD degree from Yale Law School.

We believe Mr. Wiedman is qualified to serve on our Board because of his numerous years of experience in the financial industry and deep understanding of our business.
Emily Youssouf
Ms. Youssouf has been a member of our Board since November 2013. Ms. Youssouf has served as a clinical professor at the NYU Schack Institute of Real Estate since 2009.

Ms. Youssouf served as vice chair of the New York City Housing Development Corporation from 2011 to 2013 and as a member of its board from 2013 to 2014. Previously, she served as an independent consultant from 2008 to 2011, during which time her clients included Rockefeller Foundation, Washington Square Partners and various real estate investors. Prior thereto, she was a managing director with JPMorgan Securities, Inc., a broker-dealer, from 2007 to 2008, and the president of the NYC Housing Development Corporation from 2003 to 2007. Ms. Youssouf has also held various senior positions at Natlis Settlements, LLC, Credit Suisse First Boston, Daiwa Securities America, Prudential Securities, Merrill Lynch and Standard & Poor’s. Ms. Youssouf currently serves as a board member of numerous organizations, including the NYC Health and Hospitals Corporation, the NYC School Construction Authority, the NYS Job Development Authority, the TransitCenter, and JP Morgan Exchange-Traded Funds Trust. Ms. Youssouf is a graduate of Wagner College and holds an MA in Urban Affairs and Policy Analysis from The New School for Social Research.

We believe Ms. Youssouf is qualified to serve on our Board because of her numerous years of experience in the investment banking, finance and real estate industries and deep understanding of the housing market.