“At PennyMac, we have a deep bench consisting of talented leaders who I believe are among the best in the industry,” said PennyMac chairman and CEO David Spector. “To ensure a smooth transition, I have asked Mark to step into the roles on an interim basis, with the utmost confidence in his ability to lead our capital markets group.”
Elbaum replaced William Chang, who is stepping down after more than a decade with the company. PennyMac said in a press release that Chang’s departure comes as he looks to pursue other opportunities in the mortgage banking industry.
“Will has been at Pennymac for more than a decade, playing a role to help shape the success of our organization in various capacities, including his most recent role in our capital markets group,” Spector added. “We are appreciative of his many years of dedication and hard work, and we wish him continued success in future endeavors.”
Read next: Why Pennymac’s new products are emblematic of volatile times
The leadership shift follows other recent changes at PennyMac. Earlier this month, the company welcomed Sunil Chandra, a leader in technology and financial services, to its board. Meanwhile, long-serving board members James Hunt and Emily Youssouf, who have each served for over a decade, are set to retire at the end of the year after contributing significantly to the company’s growth.