George Bull III is stepping down from his role as chairman and director of Redwood Trust (RWT).

Bull said he wants to focus his “energy on enjoying my growing family and other interests. Having worked for Redwood since its founding, I know first-hand the level of effort and dedication it takes to be part of its leadership.”

The board of directors elected Richard Baum as chairman and Douglas Hansen as vice-chairman of the board of directors. 

Baum has been an independent member of Redwood's board since 2001 and was serving as Redwood's presiding director and chair of the board's governance and nominating committee. Hansen, who along with Bull co-founded of Redwood, has been on Redwood's board since its formation in 1994 and served as Redwood's president from 1994 through 2008.

“I have confidence in the Redwood management team as they move forward into 2013 and I continue to be available to Redwood as a resource,” Bull said.