MILL VALLEY -- Redwood Trust, Inc. (NYSE: RWT), the Mill Valley-based real estate investment trust, announced the departure of its co-founder and chairman, George Bull.
Following Mr. Bull's resignation last week, the company's board of directors unanimously appointed Richard Baum as chairman and Douglas Hansen as vice-chairman.
Mr. Hansen founded Redwood Trust with Mr. Bull in 1994 and was the company's president from then until he retired in 2008. He has continued to serve on the company's board of directors.
Mr. Baum has served on the board since 2001, and is currently the president and managing partner of Atwater Retirement Villiage LLC.
In a statement yesterday, Mr. Bull said that he will remain involved with the company in an advisory role and chose to leave Redwood Trust to focus on his family and other pursuits. He is a former CEO of the company, a role currently held by Martin Hughes.
Redwood Trust reported more than $5.2 billion in assets in August, with more than $3.2 billion in residential loans used for investment purposes. The company reported net income of $50 million in the first six months of 2012, up from $27 million for the same period in 2011.
With headquarters in Mill Valley, Redwood Trust is incorporated in Maryland. The company reported 77 employees at the end of 2011.