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Frank Martell, who headed two major Irvine-based publicly traded companies, was announced as the new chief executive and president of SmartRent Inc., a Scottsdale, Arizona-based software provider for the rental housing industry.
Martell resigned earlier this month as CEO of LoanDepot Inc., one of the nation’s largest providers of mortgages. He previously spent over a decade at CoreLogic, serving as CEO and chief financial officer. SmartRent reported 2024 sales fell 26% to $174.9 million.
Martell has been a member of SmartRent’s board of directors and served on the board’s Audit and Nominating and Corporate Governance Committees since June 2024.
“Frank possesses a rare combination of strategic insight, operational discipline and innovative thinking – essential strengths as we work to increase platform adoption and scale our impact,” SmartRent Chairman John Dorman said in a statement.
Shares of SmartRent rose 2.2% to 90 cents and a $170 million market cap. (NYSE: SMRT). LoanDepot shares climbed 6.3% to $1.43 and a $470 million market cap.