SAN DIEGO, June 5 – Renovate America today announced that its Board of Directors has appointed Shawn Stone 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 revenue.
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 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 opportunities ahead.”
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 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.