SAN DIEGO–(BUSINESS WIRE)–Renovate America today announced that Shawn Stone has been appointed as
Chief Executive Officer and a member of its Board of Directors.
“We are thrilled that Shawn, who joined Renovate America in May as our
President, has been named CEO and a member of our Board. Our Board
unanimously agrees that Shawn’s deep understanding of technology,
consumer and financial businesses makes him the perfect leader to drive
our future growth,” said Roy Guthrie, Executive Chairman. “Shawn is the
right leader at the right time. We are fortunate to be able to attract
an executive of Shawn’s caliber to lead the company.”
Stone joined Renovate America from Global Mortgage Capital, where he
served as Chief Executive Officer and executive founder since 2016. In
this role, Stone was responsible for starting up a nationwide
independent mortgage banking business that included multiple mortgage
origination, servicing and financing companies.
Stone said, “Renovate America has a significant opportunity to build on
its leadership position in PACE financing as well as to continue to
innovate and expand its other point-of-sale products to its customers.
We want to be the most customer-centric platform in the growing home
improvement financing industry. I am excited to work with Roy and the
rest of the Renovate America team to help achieve that goal.”
Prior to leading Global Mortgage Capital, Stone worked for more than 18
years at Mr. Cooper, one of the country’s largest independent mortgage
origination and servicing companies. Stone helped grow the business from de
novo to over $25 billion in annual originations and over $400
billion in loan servicing.
He held numerous executive leadership positions across the entire
platform, including his most recent position as executive founder and
President of Xome, a technology-enabled real estate and mortgage
services subsidiary of Global Mortgage Capital. In just two years, he
grew Xome to 10 business lines, 1,200 employees and $350 million in
Stone succeeds Harold Lewis as part of a planned CEO transition. Lewis
led a successful streamlining of the company following an industry-wide
decline in the Property Assessed Clean Energy (PACE) financing market in
mid-2017. “We thank Harold for his leadership role in streamlining the
company and in helping to ensure that Shawn has a smooth transition. We
wish him all the best in the future,” said Guthrie.
“It has been an honor to help the Renovate America team work through a
very challenging time in the PACE industry and to position the company
for a bright future under Shawn’s leadership,” said Lewis.
Guthrie added, “The PACE market has shown signs of stabilization and
Renovate America is now positioned to resume its growth trajectory and
expand its geographic footprint. Shawn’s proven expertise in rapidly
growing nationwide consumer financial services businesses will enable us
to aggressively execute our growth strategies. These include maintaining
and growing our PACE business, expanding and building upon our Benji
home improvement financing program nationwide, and investing in growing
our contractor panel. We are excited about our growth potential and the
Stone is a graduate of the University of Rhode Island and received his
MBA in Finance from the University of Texas at Dallas.
About Renovate America
Renovate America offers a tech-enabled financing platform for home
improvement that empowers communities to modernize and make their homes
more efficient, while giving small businesses the tools they need to
grow. In addition to financing home improvements through our traditional
credit product, Benji, Renovate America offers communities HERO
financing. HERO is the leading residential Property Assessed Clean
Energy (PACE) program in the U.S. and has been used by over 100,000
homes to make energy and efficiency improvements. It is estimated that
HERO is on track to save billions of dollars in energy and water bills
and has created over 25,000 local trade jobs. Renovate America has built
the world’s largest green bond platform, attracting international
investments to meet the U.S. clean-energy objectives. Learn more at RenovateAmerica.com.