Darius Mirshahzadeh is no longer the CEO of TMS, having stepped down from that position at some point in the last two months.
According to sources close to the situation and confirmed by the company, Mirshahzadeh recently stepped down as CEO.
In a statement provided to HousingWire, TMS stated that Mirshahzadeh resigned for “personal reasons” but did not specify what those reasons were.
But it should be noted that sources close to the situation stated there was no acrimony or issue that led to Mirshahzadeh stepping down. One source stated that Mirshahzadeh is still very close to the company. In fact, Mirshahzadeh’s LinkedIn profile still lists him as a member of TMS’ board.
“TMS CEO Darius Mirshahzadeh recently resigned due to personal reasons,” the company said in a statement. “We appreciate Darius’ six years of leadership at TMS and wish him only the best in his future endeavors.”
Another source suggested that Mirshahzadeh did indeed for personal reasons, citing Mirshahzadeh’s apparent desire to pursue other ventures outside of those available at TMS.
Mirshahzadeh helped lead TMS for six years, serving as president before being elevated to CEO in 2015.
At that time, the company did business as Endeavor America Loan Services and specialized in wholesale mortgage lending. It was during that time that Mirshahzadeh was named one of the top CEOs in the country, coming in at No. 9 on Glassdoor’s list of the highest rated CEOS at small and medium companies in 2015.
Mirshahzadeh was also the CEO of Endeavor’s parent company, then known as The Money Source.
But in early 2018, the company folded Endeavor into The Money Source’s operations and rebranded the entire company as TMS. But it wasn’t just a name change – the rebranding involved wholesale branding changes, a new color scheme and theme for the company as well.
“The new look, voice and branding is symbolic of our people and the exceptional experience they deliver to our clients and customers,” Mirshahzadeh said at the time. “This campaign plays a key role in helping us not only achieve our plans to massively grow the company into a fintech leader, but helps us grow happiness with our people, our clients, our homeowners, and, well, everyone.”
Mirshahzadeh also spoke of big plans for the company, stating that the company planned to nearly double its headcount from 600 to more than 1,000.
But, earlier this year, the company agreed to sell off its retail mortgage lending operations, as TMS shifted its focus to mortgage servicing, subservicing, and correspondent lending.
Now, Mirshahzadeh is no longer leading the company. According to TMS, the company’s existing executive team, including Chairman Stavros Papastavrou and President Ali Vafai, are all still in place and leading the company.
“The TMS executive team will continue to lead the company as a key player in the correspondent, servicing and subservicing channels,” TMS said in statement. “The company chairman and founder Stavros Papastavrou is holding the CEO role.”
Attempts to contact Mirshahzadeh for comment on the matter were unsuccessful as of publication time. This article will be updated should Mirshahzadeh respond.