Primary Residential Mortgage, Inc. (PRMI), a mortgage lending company based out of Utah, announced the retirement of two of its co-founders and long-time executives, CEO, Dave Zitting, and CFO, Steve Chapman. Former VP of Finance and Board Member, Kenneth Knudson, assumed the role of CEO and president at the conclusion of 2018.
Zitting remains on the Board of Directors for the company and has contracted to be a senior advisor to the Board through December 2020. Chapman will continue with the organization through December 2020 in an advisory role as well.
“After long and thoughtful consideration, Steve and I both felt like the timing was right for us to conclude this incredible chapter of our lives, and to parlay our passion for mortgage finance into other technological solutions in support of real estate and real estate finance. Although this was a difficult decision, we know we’re leaving the company in the very capable hands of Kenneth and the rest of our incredible leadership team,” Zitting said.
Zitting and Chapman co-founded PRMI 20 years ago in collaboration with Jeff Zitting, who is still with the company. Over the years, they grew the local residential mortgage operation into a company with multi-billion dollar production at 242 branch locations throughout the nation with over 1,500 employees.
“It’s hard to express just how I feel about this company because they’re more like a family than my business colleagues,” Chapman said. “It’s been an honor to work with such amazing individuals over the past two decades, and I have every confidence they’ll continue to flourish in the years to come.”
Knudson has been with the organization since 2000. He managed PRMI during industry turmoil over the past decade and has a deep-rooted understanding of the company’s legacy and its opportunities in the future. As incoming CEO and President, Knudson will be responsible for providing leadership and strategic direction in all areas of the organization.
With over twenty-seven years of leadership and finance experience and the last nineteen years at PRMI, Knudson is poised to lead the organization into its next phase of growth and prosperity. In 2010, he established “PRMI Vision 2035” as a guide for the expansion and development of the company. Under Knudson’s personal leadership, the new corporate office was acquired and built out as the national headquarters of PRMI.
“The physical expansion of the corporate office building and the development of key personnel have postured PRMI for great things in the future,” Knudson said. “We are tremendously fortunate to have the Executive Leadership Team of Chris Jones, Ruth Green, Tom George, Burton Embry, AJ Swope, Darryl Lee, and Mathew Whitebrook to ensure our success for decades to come. I look forward to the opportunity to assume this mantle and continue our legacy of excellence into the future.”