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Officers and Trustees

Officers and Trustees

Executive Management

Stanford L. Kurland
Executive Chairman

Stanford L. Kurland is the founder and Executive Chairman of PennyMac Mortgage Investment Trust (NYSE: PMT). Mr. Kurland has been the company’s Executive Chairman since January 2017, and he also serves as Executive Chairman of PennyMac Financial Services, Inc. (NYSE: PFSI).

Mr. Kurland also has served as Chairman of PNMAC Capital Management, LLC (PCM) since its formation in March 2008, and as Chairman of PennyMac Loan Services, LLC (PLS) since its formation in February 2008.

Prior to PennyMac Financial’s founding, Mr. Kurland served as a director and, from 1979 to 2006, held several executive positions, including President, Chief Financial Officer and Chief Operating Officer, at Countrywide Financial Corporation, a diversified financial services company.

Mr. Kurland holds a Bachelor of Science from California State University, Northridge.

David A. Spector
President and Chief Executive Officer

David A. Spector has been President and Chief Executive Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017, and he has been a member of the company’s board of directors since its formation in 2009.

Mr. Spector also serves as President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), and he has been a member of PennyMac Financial’s board of directors since the company’s formation in 2008.

Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based in London. Before joining Morgan Stanley in 2006, Mr. Spector was the Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he was employed from 1990 to 2006.

Mr. Spector earned a bachelor’s degree from the University of California, Los Angeles.

Steven Richard Bailey
Senior Managing Director and Chief Mortgage Operations Officer

Steve Bailey has been Senior Managing Director and Chief Mortgage Operations Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since February 2016. Mr. Bailey also serves as Senior Managing Director and Chief Mortgage Operations Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), where he is responsible for directing the company’s loan servicing and retail sales operations, including the implementation of the methods and programs directed at improving the value of acquired loans, as well as setting and managing performance goals for all aspects of the servicing and loan administration functions. Additionally, Mr. Bailey provides executive oversight for the application development and information technology groups, and the portfolio strategy group.

Prior to joining PennyMac Financial, Mr. Bailey served in a variety of executive and leadership positions within Countrywide Financial Corporation (and Bank of America Corporation, as its successor) from 1985 until 2010.

Mr. Bailey earned his Bachelor of Music from the University of Southern California.

Andrew S. Chang
Senior Managing Director and Chief Financial Officer

Andrew S. Chang has been Senior Managing Director and Chief Financial Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017. Mr. Chang also serves as Senior Managing Director and Chief Financial Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), where he is responsible for overseeing the company’s financial management, reporting and controls, and tax management, as well as corporate development, portfolio acquisitions and investor relations activities.

Prior to joining PennyMac Financial, Mr. Chang was employed at BlackRock, Inc., a global investment management firm, from 2005 to 2008, as a senior member in its advisory services practice, specializing in financial strategy and risk management for banks and mortgage companies. From 1999 to 2005, he was a management consultant and Engagement Manager at McKinsey & Company, a global consulting firm, advising large financial institutions in the areas of strategy, operational performance and organization.

Mr. Chang earned an A.B. magna cum laude with highest honors in biology from Harvard University.

Vandad Fartaj
Senior Managing Director and Chief Investment Officer

Vandad Fartaj has been Senior Managing Director and Chief Investment Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since February 2016. Mr. Fartaj also serves as Senior Managing Director and Chief Capital Markets Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), where he is responsible for all capital markets and investment-related activities, including the development and execution of investment strategies, secondary marketing, hedging activities and capital markets strategies with government-sponsored enterprises. In addition, Mr. Fartaj is responsible for developing and managing relationships with Wall Street broker-dealers and fixed income investors.

Prior to joining PennyMac Financial, Mr. Fartaj was employed in a variety of positions, from 1999 to 2008, at Countrywide Securities Corporation, a broker-dealer, managing the strategy and execution of the whole loan conduit. Mr. Fartaj is an experienced mortgage banking executive with substantial experience in capital markets, mortgage-related investments, and interest rate and credit risk management.

Mr. Fartaj earned a bachelor’s degree in Political Science from the University of California, Los Angeles.

Jeffrey P. Grogin
Senior Managing Director and Chief Enterprise Operations Officer

Jeffrey P. Grogin has been Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since July 2019. Mr. Grogin also serves as the Senior Managing Director and Chief Enterprise Operations Officer of PennyMac Financial Services, Inc. (NYSE: PFSI). His areas of responsibility include: regulatory relations, all aspects of human resources, social media administration, corporate training and learning functions, facilities, legal, strategic planning, business continuity, and procurement and vendor relations. Mr. Grogin has significant experience in real estate, regulatory matters, mergers and acquisitions, securities, and mortgage banking law.

Previously, Mr. Grogin held various executive positions with the company since its founding in 2009, and at PFSI since its founding in 2008.

Prior to joining PennyMac Financial, Mr. Grogin was a founding and managing partner of Samaha Grogin, LLP, a law firm representing local, national and international clients in specialized litigation and complex transactional matters. He also was an associate at Gibson, Dunn & Crutcher, where he worked on mergers and acquisitions, securities, and mortgage banking-related matters.

Mr. Grogin is an owner of Snood, LLC, a computer games publisher, where he has served as president since 1999.

Mr. Grogin earned his B.S. in journalism from the University of Florida and his J.D., cum laude, from Loyola Law School in Los Angeles, California.

Doug Jones
Senior Managing Director and Chief Mortgage Banking Officer

Doug Jones has been Senior Managing Director and Chief Mortgage Banking Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017. Mr. Jones also serves as Senior Managing Director and Chief Mortgage Banking Officer of PennyMac Financial Services, Inc. (NYSE: PFSI) and President of PennyMac Loan Services (PLS), where he is responsible for all business activities relating to the company’s loan production and loan servicing operations.

Prior to joining PennyMac Financial, Mr. Jones worked in several executive positions, including Senior Managing Director, Correspondent and Warehouse Lending, at Countrywide (and Bank of America Corporation, as its successor) from 1997 until 2011, where he was responsible for managing and overseeing retail sales at Bank of America, in addition to correspondent and warehouse lending operations.

Mr. Jones earned a B.A. in economics from California State University, Sacramento.

Daniel S. Perotti
Senior Managing Director and Deputy Chief Financial Officer

Daniel S. Perotti has been Senior Managing Director and Deputy Chief Financial Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017. Mr. Perotti also serves as Senior Managing Director and Deputy Chief Financial Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), where he is responsible for oversight of all accounting operations, the balance sheets, analysis of realized and projected financial performance, and valuation of investment assets for the company and the entities it manages.

Prior to joining PennyMac Financial, Mr. Perotti was a Vice President at BlackRock, Inc. and served as the head of the quantitative research team within its BlackRock Solutions business from 2002 to 2008.

Mr. Perotti earned his Bachelor of Arts in economics and computer science from Columbia University in 2002.

Derek W. Stark
Senior Managing Director and Chief Legal Officer and Secretary
Derek W. Stark has been Senior Managing Director and Chief Legal Officer and Secretary of PennyMac Mortgage Investment Trust (NYSE: PMT) since February 2018. Mr. Stark is responsible for overseeing all of the company’s legal management, compliance and affairs, including securities, corporate governance and corporate transactions, and he serves as the primary legal contact with the company’s board of trustees. Mr. Stark also serves as Senior Managing Director and Chief Legal Officer and Secretary of PennyMac Financial Services, Inc. (NYSE: PFSI).

Prior to joining the company and after leaving private practice, Mr. Stark served in a variety of executive positions, including Executive Vice President and Deputy General Counsel, from 1999 to 2008, at Countrywide Financial Corporation.

Mr. Stark earned a B.A. in Political Science from the University of California, Berkeley and a J.D. from Loyola Law School, Los Angeles.
David M. Walker
Senior Managing Director and Chief Risk Officer

David M. Walker has been Senior Managing Director and Chief Risk Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017. Mr. Walker also serves as Senior Managing Director and Chief Risk Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), where he is responsible for enterprise risk management, credit risk management, mortgage compliance and internal audit.

Previously, Mr. Walker was the company’s Chief Credit and Enterprise Risk Officer. He has served on the company’s management team since its founding in 2008.

Prior to joining the company, Mr. Walker served in a variety of executive positions from 2002 to 2007 at Countrywide Bank, N.A., including Chief Credit Officer and Chief Lending Officer. From 1992 to 2002, he served in a variety of executive positions at Countrywide Funding Corporation (CFC), including Executive Vice President of Secondary Marketing and Managing Director and Chief Credit Officer. Prior to joining CFC, Mr. Walker was employed at Citibank N.A. in leveraged acquisitions and U.S. securitization and at McKinsey & Company as a Finance Specialist.

Mr. Walker earned a B.A. from California State University, Fullerton and an M.B.A. from the University of Southern California.

Board of Trustees

Stanford L. Kurland
Class III Trustee

Stanford L. Kurland is the founder and Executive Chairman of PennyMac Mortgage Investment Trust (NYSE: PMT). Mr. Kurland has been the company’s Executive Chairman since January 2017, and he also serves as Executive Chairman of PennyMac Financial Services, Inc. (NYSE: PFSI).

Mr. Kurland also has served as Chairman of PNMAC Capital Management, LLC (PCM) since its formation in March 2008, and as Chairman of PennyMac Loan Services, LLC (PLS) since its formation in February 2008.

Prior to PennyMac Financial’s founding, Mr. Kurland served as a director and, from 1979 to 2006, held several executive positions, including President, Chief Financial Officer and Chief Operating Officer, at Countrywide Financial Corporation, a diversified financial services company.

Mr. Kurland holds a Bachelor of Science from California State University, Northridge.

David A. Spector
Class III Trustee

David A. Spector has been President and Chief Executive Officer of PennyMac Mortgage Investment Trust (NYSE: PMT) since January 2017, and he has been a member of the company’s board of directors since its formation in 2009.

Mr. Spector also serves as President and Chief Executive Officer of PennyMac Financial Services, Inc. (NYSE: PFSI), and he has been a member of PennyMac Financial’s board of directors since the company’s formation in 2008.

Prior to joining PennyMac Financial, Mr. Spector was co-head of global residential mortgages for Morgan Stanley, a global financial services firm, based in London. Before joining Morgan Stanley in 2006, Mr. Spector was the Senior Managing Director, Secondary Marketing, at Countrywide Financial Corporation, where he was employed from 1990 to 2006.

Mr. Spector earned a bachelor’s degree from the University of California, Los Angeles.

Scott W. Carnahan
Class I Trustee

Mr. Carnahan has been a member of our Board since August 2009. Mr. Carnahan has served as senior managing director at FTI Consulting, Inc., a global business advisory firm, since May 2014. Prior thereto, Mr. Carnahan had provided financial and accounting consulting services to various financial institutions since April 2007. From 1992 to 1998 and from 2000 to March 2007, Mr. Carnahan was an audit and consulting partner at the professional services firm of KPMG LLP.

Mr. Carnahan holds a BA and an MBA from the University of California, Irvine and is a CPA.

We believe Mr. Carnahan is qualified to serve on our Board because he has both accounting and financial expertise, due to his experience at KPMG LLP, as well as a fundamental understanding of the mortgage lending business.

Preston Paul DuFauchard Jr.
Class II Trustee

Mr. DuFauchard has been a member of our Board since November 2012. Mr. DuFauchard is currently retired. From April 2016 until his retirement in February 2017, he served as general counsel of Robertson Stephens, a global investment advisory firm for high net worth individuals, family offices, institutions and corporations. Prior thereto, Mr. DuFauchard had served as an independent consultant since January 2012. From 2006 through December 2011, Mr. DuFauchard served as the commissioner of the California Department of Corporations. From 1997 to 2006, Mr. DuFauchard was employed at Bank of America Corporation, a diversified financial services firm, where he held the title of assistant general counsel.

Mr. DuFauchard holds a BA from Stanford University and a JD from the University of California, Berkeley, Boalt School of Law.

We believe Mr. DuFauchard is qualified to serve on our Board because of his strong business experience and leadership as the chief executive officer of a state agency, his extensive legal and regulatory background, and his understanding of the mortgage banking business.

Randall D. Hadley
Class III Trustee

Mr. Hadley has been a member of our Board since August 2009. Mr. Hadley is also our independent lead trustee. Mr. Hadley was a CPA and partner of Grant Thornton LLP, an accounting firm, including nine years as regional director of professional standards, before retiring in July 2003. He advised both public and private entities while at Grant Thornton LLP and provided various consulting services to the accounting firm following his retirement through July 2011.

Mr. Hadley holds a BS from Wright State University.

We believe Mr. Hadley is qualified to serve on our Board because he is a financial and accounting expert with over 40 years of wide-ranging accounting and auditing experience, including extensive experience in mortgage banking.

Nancy McAllister
Class II Trustee

Ms. McAllister has been a member of our Board since November 2012. Ms. McAllister has served as a senior advisor of Star Mountain Capital, LLC and Star Mountain Stimulus Fund, L.P., private equity firms that invest in small and medium size businesses, since April 2013. From November 2008 through May 2011, Ms. McAllister served as a managing director in the financial institutions group of Credit Suisse Securities (USA) LLC, a diversified financial services firm. From 1991 to September 2008, Ms. McAllister was employed by Lehman Brothers, Inc., where she held a variety of executive positions, including managing director and co-head of the depository institutions and debt capital markets groups. Ms. McAllister has served on the board of directors of People’s United Financial, Inc., a diversified financial services company, since September 2013.

Ms. McAllister holds a BA from the University of Virginia.

We believe Ms. McAllister is qualified to serve on our Board because she is a seasoned business executive with deep knowledge of the capital markets and significant experience in financial services, including investment banking.

Stacey D. Stewart
Class II Trustee

Ms. Stewart has been a member of our Board since August 2009. She has served as president of the March of Dimes Foundation, a leading nonprofit organization, since November 2016. From June 2009 to November 2016, Ms. Stewart served in a variety of executive positions, including president of United States operations and executive vice president for Community Impact Leadership and Learning, at United Way Worldwide, the world’s largest charitable organization. From February 2007 to April 2009, Ms. Stewart was a senior vice president of Fannie Mae, a government-sponsored enterprise that supports liquidity and stability in the secondary mortgage market.

Ms. Stewart holds an AB from Georgetown University and an MBA from the University of Michigan.

We believe Ms. Stewart is qualified to serve on our Board because of her strong experience in the mortgage sector and proven leadership of charitable organizations, the primary focus of which is housing and homeownership within underprivileged communities.

Marianne Sullivan
Class I Trustee

Ms. Sullivan has been a member of our Board since September 2017. Since January 2017, Ms. Sullivan has served as founder and chief strategy consultant of OptimX Advisors, Inc., a consulting firm to the U.S. mortgage industry. Prior thereto, Ms. Sullivan served for 24 years in a variety of executive positions including senior vice president, single-family strategic initiatives and business capabilities, and senior vice president, single-family chief risk officer at Fannie Mae, a government-sponsored enterprise (GSE) that partners with lenders to create housing opportunities for families across the country.

Ms. Sullivan received a B.S. degree in Business Administration from Georgetown University.

We believe Ms. Sullivan is qualified to serve on our Board because she is an experienced executive with a strong business background in the housing finance sector.

Frank P. Willey
Class I Trustee

Mr. Willey has been a member of our Board since August 2009. Since February 2009, Mr. Willey has been a non-equity partner at the law firm of Hennelly & Grossfeld LLP. From 1984 to 2016, Mr. Willey held a variety of executive positions, including president and general counsel, at Fidelity National Financial, Inc., or Fidelity, a provider of title insurance, specialty insurance, claims management services and information services. Mr. Willey currently serves as a director of Cannae Holdings, Inc., a diversified holding company, and Winter Sports, Inc., a ski resort operator. He formerly served on the board of Fidelity.

Mr. Willey holds a BS from LeMoyne College and a JD from Albany Law School.

We believe Mr. Willey is qualified to serve on our Board because he is an experienced executive and director with a strong business and legal background in the financial services industry.