Real estate investment company Silver Bay Realty Trust has officially announced that the company's CEO and President David Miller has tendered his resignation. In effect, Miller has also resigned as a member of the company's board of directors, a report from Housing Wire said.
In a press statement, the company's chair of the board of directors Irvin Kessler expressed his gratitude to Miller for his service to Silver Bay Realty Trust.
"On behalf of the board, I want to thank David for his service to Silver Bay, which has helped us achieve steady improvement in our operating and financial results. We anticipate strong fourth quarter results that will show continued improvement on both a sequential quarter and annual basis. We have the utmost confidence in Tom's ability to successfully manage this transition given his extensive executive management experience and detailed knowledge of the company's business," Kessler said.
The company has appointed Thomas Brock as the interim president and CEO to fill the position that Miller vacated. Brock has held the position of lead independent director. Ronald Weiser was appointed to assume Brock's role.
"I look forward to working closely with the Board and management to make this transition highly successful for our stockholders, employees and residents. Since its formation, Silver Bay has assembled a portfolio of high-quality assets, became a leader in the single-family rental industry and sits well-positioned to continue its development in this dynamic industry," Brock said.
"Silver Bay Realty Trust Corp. is a newly organized Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Our principal objective is to generate attractive risk-adjusted returns for our stockholders over the long term, primarily through dividends and secondarily through capital appreciation," reads a description of the company as published on its website.
