Ronald Weiser Named Interim Lead Independent
Director
David Miller Resigns as President and Chief
Executive Officer
Silver Bay Realty Trust Corp. (NYSE:SBY) today announced that
its board of directors had appointed Lead Independent Director
Thomas Brock as Interim President and Chief Executive Officer and
board member Ronald Weiser as Interim Lead Independent Director.
These appointments follow the resignation of David Miller as the
company’s President and Chief Executive Officer and member of its
board of directors. All changes are effective immediately.
“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,” said Irvin Kessler, Chair of
the company’s board of directors. “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.”
Mr. Brock, who has served on of the company’s board of directors
since its initial public offering, has extensive business and
executive leadership experience. From 2006 until the end of 2012,
Mr. Brock was the Chief Executive Officer of Stone Harbor
Investment Partners, a fixed income investment manager focused on
credit and multi-sector allocation strategies. From 1974 to 1998,
Mr. Brock held various positions with Salomon Brothers Inc.,
including Chief Executive Officer of Salomon Brothers Asset
Management, Chief Administrative Officer, and Director of Global
Research.
Mr. Kessler continued, “We believe that the next phase of Silver
Bay’s development will see a continued emphasis on core real estate
operations. As such, we will seek a leader with a strong background
in real estate operations and a track record of generating superior
operating results and will commence a search to find such a person
immediately.”
“I look forward to working closely with the Board and management
to make this transition highly-successful for our stockholders,
employees and residents,” said Mr. Brock. “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. We thank David for his contributions to reach this point
on the company’s trajectory. 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.”
Mr. Miller said, “I want to thank all of my colleagues for their
hard work and dedication on which this tremendous organization was
built. I could not have asked for a better group of people to work
with and look forward to watching Silver Bay’s continued
progress.”
Mr. Brock will remain on Silver Bay’s board, but will no longer
serve on its Compensation Committee or Audit Committee or as Lead
Independent Director. Board member Tanuja M. Dehne will replace Mr.
Brock as the chair of the Compensation Committee and on the Audit
Committee. The company anticipates its board of directors will
reverse these changes following appointment of a permanent Chief
Executive Officer.
Thomas W. Brock Biography
Mr. Brock has served on Silver Bay’s Board as Lead Independent
Director and Chair of the Compensation Committee since its initial
public offering in December 2012. From 2006 until the end of 2012,
Mr. Brock was the Chief Executive Officer of Stone Harbor
Investment Partners, a fixed income investment manager focused on
credit and multi-sector allocation strategies and, in that role,
served as a trustee of a Stone Harbor’s closed-end fund and five
Stone Harbor’s open-end funds. Mr. Brock currently serves as a
director of Liberty All-Star Growth Fund, Inc. and as a trustee of
Liberty All-Star Equity Fund, each a closed end fund, and has
served in those roles since 2005. Mr. Brock currently serves as an
independent trustee of EQ Advisors Trust and has served in this
role since January 1, 2016. Prior to joining Stone Harbor
Investment Partners, Mr. Brock was an adjunct professor of Finance
at Columbia University Graduate School of Management from 1998 to
2005, where he taught courses relating to money management and
investment banking. From 1974 to 1998, Mr. Brock held various
positions with Salomon Brothers Inc., including Chief Executive
Officer of Salomon Brothers Asset Management, Chief Administrative
Officer, and Director of Global Research. Mr. Brock received an
M.B.A. from Northwestern University Kellogg School of Management
and a B.S. from Miami University.
Tanuja M. Dehne Biography
Ms. Dehne has served on Silver Bay’s Board since its initial
public offering in December 2012. Ms. Dehne is the Executive Vice
President and Chief Administrative Officer and Chief of Staff of
NRG Energy, Inc. [NYSE: NRG], a publicly listed power generation
and retail electricity company. In this role since 2014, Ms. Dehne
oversees NRG’s Human Resources, Information Technology,
Communications, Corporate Marketing and Sustainability Departments,
including the company’s charitable giving program, M&A
integrations and Big Data Analytics. She is responsible for shaping
and guiding NRG’s vision and narrative, ensuring that all messaging
to internal and external stakeholders are consistent with and
supports the execution of NRG's strategic plan. Prior to her most
recent positions, Ms. Dehne was the Senior Vice President, Human
Resources of NRG since 2011 where she led NRG's Human Resources
department, which handles all HR functions – including talent
management, organizational development, benefits, compensation,
labor and employee relations, payroll and HR information systems –
for more than 8,000 employees. Under her leadership, the department
received recognition as Delaware Valley's 16th Annual HR Department
of the Year for service excellence and strategic impact on the
company. From 2004 to 2011, Ms. Dehne served as the Corporate
Secretary of NRG, leading corporate governance and corporate
transactions, including financing, mergers and acquisitions, public
and private securities offerings, securities and stock exchange
matters, and reporting compliance. Prior to joining NRG, Ms. Dehne
practiced corporate law as a member of Saul Ewing LLP’s business
department. Ms. Dehne received a J.D. from Syracuse University, an
M.A. from the University of Pennsylvania and a B.A. from Lafayette
College.
Ronald N. Weiser Biography
Mr. Weiser served on Silver Bay’s Board since its initial public
offering in December 2012. Mr. Weiser served as Ambassador to the
Slovak Republic from 2001 to 2005, and has many years of experience
in politics, public service and private investments. He founded
McKinley Associates Inc., a national real estate investment firm,
in 1968, and served as its Chief Executive Officer and Chairman
until 2001. In 1984, Mr. Weiser and his wife founded the McKinley
Foundation, a public community foundation. Mr. Weiser serves on a
number of public non-profit boards, including The Henry Ford, and
the President Gerald R. Ford Foundation. Mr. Weiser holds a B.B.A.
from the University of Michigan, where he also did graduate work in
business and law.
Silver Bay Realty Trust Corp.
Silver Bay Realty Trust Corp. is an internally managed Maryland
corporation focused on the acquisition, renovation, leasing and
management of single-family properties for rental income and
long-term capital appreciation. Silver Bay owns single-family
properties in Arizona, California, Florida, Georgia, Nevada, North
Carolina, Ohio and Texas. Silver Bay has elected to be taxed as a
REIT for U.S. federal tax purposes. Additional information can also
be found on the company’s website:
www.silverbayrealtytrustcorp.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Actual results
may differ from expectations, estimates and projections and,
consequently, readers should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“target,” “assume,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believe,” predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements involve significant
risks and uncertainties that could cause actual results to differ
materially from expected results. Factors that could cause actual
results to differ include: Silver Bay’s inability to attract a new
Chief Executive Officer with a strong background in real estate
operations due to the company’s size, compensation levels,
performance projections or other reasons; a change in the Company’s
current strategic direction; and similar matters.
Readers are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Silver Bay does not undertake or accept any obligation to release
publicly any updates or revisions to any forward-looking statement
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.
Additional information concerning these and other risk factors is
contained in Silver Bay’s most recent filings with the Securities
and Exchange Commission (“SEC”). All subsequent written and oral
forward looking statements concerning Silver Bay or matters
attributable to Silver Bay or any person acting on its behalf are
expressly qualified in their entirety by the cautionary statements
above.
Additional Information
Stockholders of Silver Bay, and other interested persons, may
find additional information regarding Silver Bay at the SEC's
Internet site at www.sec.gov or by directing requests to: Silver
Bay Realty Trust Corp., Attn: Investor Relations, 3300 Fernbrook
Lane North, Suite 210, Plymouth, MN 55447, telephone (952)
358-4400.
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version on businesswire.com: http://www.businesswire.com/news/home/20160119006034/en/
Silver Bay Realty Trust Corp.Anh Huynh, 952-358-4400.Director of
Investor Relationsahuynh@silverbaymgmt.com
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