Guild Mortgage announced the pending retirement of CEO Mary Ann McGarry, effective June 30, 2023, following a career of almost 40 years, which included leading the company's growth from its base in the western United States to a leading reputation nationwide for customer-centric operations in 49 states. Terry Schmidt, the current president of Guild, will succeed McGarry as CEO, effective July 1, 2023. Schmidt was McGarry's first hire at Guild in 1985 and the two have worked side by side for nearly four decades.

McGarry will continue serving on the company's board of directors. In addition, David Neylan, who joined Guild in 2007 and now serves as executive vice president and chief operating officer will replace Schmidt as president and continue as Guild's COO. McGarry began her career with Guild in 1984 as a supervisor in internal audit.

Within three years, she was promoted to senior vice president of loan administration and information technology and in 1988, was named to Guild's board of directors. She held positions as chief financial officer, chief production operations officer and chief operating officer, before being promoted to president in 2005 and CEO in 2007.