Rocket Companies Hires AI Innovator Shawn Malhotra as Chief Technology Officer

Rhea-AI Summary

Rocket Companies, a Detroit-based fintech platform, appointed Shawn Malhotra as Chief Technology Officer. Malhotra, with extensive experience at tech giants like Thomson Reuters, Intel, and Qualcomm, will lead AI initiatives to streamline processes and enhance homeownership.

Positive

• Shawn Malhotra's appointment as Chief Technology Officer brings a wealth of technology expertise and a transformative vision to Rocket Companies.

• Malhotra's track record in engineering, product development, and AI strategy at Thomson Reuters, Intel, and Qualcomm positions him well to drive innovation at Rocket Companies.

• Under Malhotra's leadership, Rocket Companies aims to accelerate AI initiatives, simplify processes, and automate tasks to make homeownership more accessible.

Negative

• None.

Malhotra is a proven technology leader with decades of experience in engineering, product development and AI strategy for tech and media companies, including Thomson Reuters, Intel and Qualcomm

DETROIT, May 6, 2024 /PRNewswire/ -- Rocket Companies (NYSE: RKT), the Detroit-based fintech platform company including mortgage, real estate and other financial service businesses, today announced Shawn Malhotra as its first ever group Chief Technology Officer (CTO), effective May 6, 2024.

In this role, Malhotra will oversee the development and implementation of technology across the entire Rocket Companies' ecosystem, including Artificial Intelligence (AI) development, Data Science, Product Engineering, Technology Operations and Information Security – among other areas.

"Shawn brings a wealth of expertise and a transformative vision to our technology teams. As we double down on our commitment to technology innovation, Shawn will help us focus on delivering groundbreaking solutions to our clients, partners and team members," said Varun Krishna, CEO of Rocket Companies. "Shawn's primary objective will be to increase the rate of innovation and execution in the organization, amplifying Rocket's AI initiatives. His fresh perspective and track record of leveraging AI to simplify and automate processes makes me confident that, together, we will quickly realize our vision of AI-fueled homeownership."

Previously, Malhotra held a variety of technology leadership roles at Thomson Reuters (NYSE: TRI). Most recently, he was the Head of Engineering and Product Development for the entire company. Under Malhotra's oversight, Thomson Reuters established a platform to accelerate development of generative AI solutions, while introducing an industry-leading AI assistant spanning all Thomson Reuters products. Previously, Malhotra served as the CTO of Thomson Reuters' Corporate Technology business unit. When he joined the company in 2017, he was instrumental in founding Thomson Reuters' Toronto Technology Centre, prioritizing AI talent and expanding TR Labs – the company's division dedicated to research around AI and other technological innovation.

"I am looking forward to being part of this pivotal time in Rocket Companies' history and am eager to explore how AI can simplify the path to homeownership," said Shawn. "I truly believe in the transformative potential of AI technology. Few missions are as crucial or deserving of its power as Rocket's goal of making housing more accessible for all."

Before his time at Thomson Reuters, Malhotra spent 12 years at Intel – including his time at Altera before the company was acquired by Intel. He led Intel's Toronto Technology Centre, which housed 200 software engineers, and was the Director of Software Development. Malhotra started his career as a software developer for Qualcomm.

Malhotra joins the company at a key time for Rocket. Just last month, Rocket Companies announced Rocket Logic and Rocket Logic – Synopsis. The tools use generative AI to quickly automate manual tasks that humans would typically spend hours of time completing. This includes classifying documents, extracting client data, tracking sentiment and recording client patterns and preferences.  AI empowers team members to focus on what matters most, building relationships with those on the journey to homeownership and strengthening rapport with Rockets' millions of clients.

Malhotra earned a Bachelor of Applied Science degree in Computer Engineering at the University of Waterloo, where he graduated with honors. He also earned a Master of Engineering degree at the University of Toronto. Malhotra is credited with five issued US patents and two published papers.

About Rocket Companies

Founded in 1985, Rocket Companies (NYSE: RKT) is a Detroit-based fintech platform company including personal finance and consumer technology brands including Rocket Mortgage, Rocket Homes, Amrock, Rocket Money, Rocket Loans, Rocket Mortgage Canada, Lendesk and Core Digital Media.

The Company helps clients achieve the goal of home ownership and financial freedom through industry-leading client experiences powered by its simple, fast and trusted digital solutions. J.D. Power has ranked Rocket Mortgage, #1 in client satisfaction for both primary mortgage origination and servicing a total of 21 times.

For more information, please visit the Company's Corporate website or Investor Relations website.

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SOURCE Rocket Companies, Inc.

FAQ

Who is the new Chief Technology Officer of Rocket Companies?

Shawn Malhotra is the new Chief Technology Officer of Rocket Companies, effective May 6, 2024.

What is Shawn Malhotra's background in technology?

Shawn Malhotra has extensive experience in engineering, product development, and AI strategy at tech and media companies like Thomson Reuters, Intel, and Qualcomm.

What are Shawn Malhotra's responsibilities at Rocket Companies?

As Chief Technology Officer, Shawn Malhotra will oversee technology development, including Artificial Intelligence, Data Science, Product Engineering, and Information Security, to drive innovation and streamline processes at Rocket Companies.

What are Rocket Companies' recent AI initiatives?

Rocket Companies recently announced Rocket Logic and Rocket Logic - Synopsis, tools using generative AI to automate manual tasks, classify documents, extract client data, and track client patterns to enhance client relationships and streamline processes.

What are Shawn Malhotra's qualifications?

Shawn Malhotra holds a Bachelor of Applied Science degree in Computer Engineering from the University of Waterloo, a Master of Engineering degree from the University of Toronto, and has five issued US patents and two published papers.