Silver Bay Realty Trust, a real estate investment trust that focuses on single-family rental homes,announced Tuesday that David Miller, the company’s president, CEO and a member of its board of directors, is resigning, effective immediately.
Filling Miller’s roles on a temporary basis will be the company’s lead independent director, Thomas Brock, who will serve as as interim president and CEO while a search is conducted for a replacement for Miller.
Silver Bay also named Ronald Weiser interim lead independent director to fill Brock’s role.
All of the changes are effective immediately, the company said Tuesday.
“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,” said Irvin Kessler, chair of the company’s board of directors.
“We anticipate strong fourth quarter results that will show continued improvement on both a sequential quarter and annual basis,” Kessler continued. “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.”
According to Miller’s bio on Silver Bay’s website, Miller previously served as a managing director of Pine River Capital Management and Two Harbors Investment Corp., where he focused on strategy and new business development, including the formation and development of Silver Bay and the single-family property rental business.
Prior to that, Miller served in various roles at the U.S. Department of Treasury 2008 to 2011, including as the chief investment officer of the Troubled Asset Relief Program.
From 1998 to 2007, Miller held various positions at Goldman Sachs, including as a vice president in the special situations investing group. In this role, Miller focused on proprietary investments in debt and equity and as a financial analyst in the investment banking division where he focused on corporate finance and mergers and acquisitions.
“I want to thank all of my colleagues for their hard work and dedication on which this tremendous organization was built,” Miller said. “I could not have asked for a better group of people to work with and look forward to watching Silver Bay’s continued progress.”
Brock has served on of the company’s board of directors since its initial public offering in 2012.
According to a release from Silver Bay, Brock brings “extensive business and executive leadership experience” to his new role at Silver Bay.
From 2006 until the end of 2012, Brock was the CEO of Stone Harbor Investment Partners, a fixed income investment manager focused on credit and multi-sector allocation strategies.
From 1974 to 1998, Brock held various positions with Salomon Brothers, including CEO of Salomon Brothers Asset Management, chief administrative officer, and director of global research.
“I look forward to working closely with the Board and management to make this transition highly-successful for our stockholders, employees and residents,” Brock said.
“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 continued.
“We thank David for his contributions to reach this point on the company’s trajectory,” Brock said. “As we look ahead to 2016 and beyond, we are excited for the opportunity to continue demonstrating our commitment to residents and stockholders, enhancing our operating platform and improving upon our promising financial and operating metrics.”