Mary Ann McGarry, CEO of Guild Mortgage, announces her retirement

Left to right: Mary Ann McGarry (CEO), David Neylan (CEO), and Terry Schmidt. Guild Mortgage, a publicly traded lender and mortgage servicer, announced its succession plan Monday. This follows the announcement of Mary Ann McGarry’s retirement as CEO. McGarry has been the head of the San Diego-based company since late 2007. She will be retiring on June 30. Terry Schmidt, the current president, will take over as CEO. McGarry will remain on the board. Guild also stated that it plans to make David Neylan, executive vice president, president of the company. He will continue to serve in his current role as chief operating officer. “Guild has experienced remarkable growth since McCarthy Capital invested alongside Mary Ann and Terry in a management buyout. The company was founded in 2007,” said Patrick Duffy (chair of the board and managing partner of McCarthy Capital). We look forward to continuing our partnership Mary Ann, as she will continue to be a stockholder and a board member. McGarry started her career at Guild in 1984 as an intern audit supervisor. She rose to the top of the company’s hierarchy over the next 40 years, becoming chief financial officer and COO. McGarry was elected president of Guild in 2005. She was then appointed CEO in 2007. McGarry worked as an accountant at Peat, Marwick, Mitchell & Co. Prior to entering the mortgage business, McGarry was the CEO of the company during its initial public offering in 2020. Guild has acquired four mortgage lenders, including three in the past four months, since its initial public offering. This has allowed it to expand its Western presence. Guild is currently licensed in 49 states and announced last week that it would expand its reverse originations section following the recent acquisition Cherry Creek Mortgage. Guild reported quarterly profits as a publicly traded entity up to the last three months in 2022. This was due to industry-wide originations. Schmidt began her career with Guild in 1985 and was later promoted to controller. Schmidt was promoted to controller in 1985 and became CFO in 1997. She held that position until she was elected president in 2020. Since 2020, Neyland has been the company’s COO. Prior to his rise to the C-suite he was senior vice president, Business Development, from 2014 to 2019. After starting his career at CMG Mortgage in originations, Neyland joined Guild in 2007. McGarry, in addition to his leadership at Guild has been an advocate for the home financing community as a member both of Fannie Mae’s advisory council as well as the board of directors at Mortgage Bankers Association. MBA President and CEO Bob Broeksmit, president/CEO of the Mortgage Bankers Association, praised McGarry’s leadership. “She set the tone for Guild to be proactive in participating in all kinds of programs for the poor. He said that she has provided sensible direction to me, and the MBA board members, and that we are grateful for her ongoing contributions in our industry.”