Kal Raman has resigned his position as President and CEO of Xome Holdings, LLC, and its subsidiaries, according to an 8K filing by Xome's parent company, Nationstar Mortgage Holdings, with the Securities and Exchange Commission (SEC).
Xome and its subsidiaries are wholly-owned subsidiaries of Lewisville, Texas-based Nationstar Mortgage Holdings. Raman originally joined Nationstar Mortgage as the CEO of another one of its subsidiaries, Solutionstar, in November 2014. In June 2015 when Nationstar launched Xome, an end-to-end real estate platform meant to simplify the home buying and selling process, Raman was named CEO of Xome.
According to the SEC filing, Raman will as part of the separation agreement a cash severance payment of $600,000 spread out over 52 weeks beginning 30 days after the date the resignation became effective, which was November 23.
Before joining Nationstar Mortgage, Raman spent more than two decades as a leading technology executive. He served as COO for Groupon in addition to serving as CEO of the company's Asia Pacific region. His other past positions include VP of Global Fulfillment at eBay, CEO of GlobalScholar, a leader in enterprise software for public schools; SVP at Amazon in charge of the company's retail technology and marketing units; CEO of drugstore.com; and multiple management positions with Wal-Mart.
Nationstar did not immediately respond to a request for comment on Raman’s departure.
In the third quarter this year, Nationstar reported adjusted earnings of $32 million and a quarterly net loss (for GAAP purposes) of $66 million. Nationstar reported a quarterly net income of $75 million in Q2, which followed a quarterly net loss of $48 million in Q1. The Xome segment of Nationstar’s business performed well in the third quarter, however, selling more than 4,900 properties and ended the quarter with about 8,000 in its inventory, increasing third-party revenues to 34 percent, and continuing to diversify its revenue streams and client base, according to Nationstar.