Mr. Cooper Continues Executive Overhaul

Mr. Cooper’s leadership team just got another shakeup at a tumultuous time for the mortgage giant.

Coppell-based Mr. Cooper, one of the largest loan servicers in the country, has appointed former Wells Fargo executive Ranjit Bhattacharjee as executive vice president and chief investment officer, effective May 6, the Dallas Business Journal reported.

In his new role, Bhattacharjee will oversee capital markets and correspondent lending. His appointment underscores Mr. Cooper’s strategic move to fortify its leadership amid following a cyber attack last year. In January, the company named Mike Weinbach — another ex-Wells Fargo executive — as its new president.

During his time at Wells Fargo, Bhattacharjee served as executive vice president, as well as head of capital markets and correspondent lending. Bhattacharjee’s previous roles also include executive vice president of Caliber Home Loans and mortgage servicing arm of Citigroup.

The announcement coincides with the appointment of Kevin Barker as senior vice president of corporate finance. Barker, formerly a managing director and senior equity research analyst at Piper Sandler, will oversee business finance teams, reporting to CFO Kurt Johnson.

Mr. Cooper’s profits fell by nearly 46 percent last year to $500 million, reflecting the challenges that high interest rates have posed against the mortgage industry. The company’s revenue also dropped to $1.79 billion in 2023, marking a 27 percent decline.

Yet, Mr. Cooper has shown some resilience, with shares increasing 22 percent year-over-year to $79.90, as of April 23, the outlet reported.

Challenges facing Mr. Cooper’s new-look executive team extends beyond broader industry concerns. Last fall, the company was hit with a massive data breach that compromised 14.6 million customers’ personal information. Two class-action lawsuits are seeking damages related to the cyber attack, and the firm is spending $25 million to address the fallout, including identity protection services for affected customers for over two years.

—Quinn Donoghue