MILL VALLEY -- Brett Nicholas, a nearly 16-year employee of Redwood Trust Inc. (NYSE: RWT), has been appointed president of the real estate investment trust.

Mr. Nicholas moves up from his role as chief investment officer. Chief Executive Officer and President Marty Hughes will remain CEO.

"Brett and I have worked together closely for several years, including as co-chief operating officers, and I have the highest regard for his contributions to Redwood and for his role in the future success of the company," Mr. Hughes said.

Former managing director Fred Matera takes Mr. Nicholas' place as chief investment officer. Mr. Matera has been with the company since 2008. He held senior roles at Goldman Sachs and RBS Greenwich Capital.

Redwood Trust was incorporated in Maryland in 1994 and has executive offices in Mill Valley.