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Broadmark Realty Capital Announces Completion of Management Transition Plan
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Broadmark Realty Capital (NYSE: BRMK) has appointed Brian P. Ward as its new Chief Executive Officer, effective March 1, 2022. Ward, previously CEO of Trimont Real Estate Advisors, brings extensive experience in the lending sector, managing over $168 billion in assets. Jeffrey Pyatt retains his role as Chairman, aiding a seamless transition. This change aims to leverage Ward's industry relationships and expertise for accelerating growth and enhancing shareholder value going forward.
Positive
Brian P. Ward's extensive experience in the lending sector is expected to enhance Broadmark's strategic growth plans.
Ward's previous role involved managing $168 billion in assets, potentially bringing valuable insights to the company.
Jeffrey Pyatt's continued role as Chairman ensures stability during the transition.
Negative
Concerns may arise regarding the continuity of leadership and experience gaps as the company transitions to a new CEO.
-Names Brian P. Ward as New Chief Executive Officer -
- Jeffrey Pyatt Retains Chairman Role -
SEATTLE--(BUSINESS WIRE)--
Broadmark Realty Capital Inc. (NYSE: BRMK) (“Broadmark” or the “Company”), an internally managed secured real estate finance company, today announced that Brian P. Ward will join the Company as its new Chief Executive Officer, effective March 1, 2022. Mr. Ward will also be appointed to the Board of Directors, effective the same day. Jeffrey Pyatt, the Company’s current Chairman of the Board of Directors, will retain the role of Chairman. The naming of Mr. Ward as Broadmark’s new Chief Executive Officer completes the executive transition that was announced in September 2021.
Mr. Ward previously served as Chief Executive Officer of Trimont Real Estate Advisors, a commercial real estate asset management firm that specializes in complex performing and non-performing credit investments on behalf of commercial real estate lenders and investors around the world, with aggregate invested capital under management of $168 billion. He also served as a member of Trimont’s Board of Directors and chaired both Trimont’s Global Advisory Council and Executive Operating Committee. He presently serves on the Alumni Board of Advisors for Harvard Business School, the Harvard University Alumni Real Estate Board, and the New York University Schack Institute of Real Estate Board. He is also an active member of the Washington Bar, the Urban Land Institute (ULI), where he serves on the Global Exchange Council, and the Commercial Real Estate Finance Council (CREFC) in both the United States and Europe.
Daniel J. Hirsch, Chairman of Broadmark’s Nominating and Corporate Governance Committee stated, “We are excited to announce Brian’s hiring as our new Chief Executive Officer. His extensive background in the lending sector, multitude of industry relationships and successful track record in growing lending platforms, will enable him to further enhance and lead our executive leadership team. We also want to acknowledge Jeff’s significant contributions to Broadmark as co-founder and Chief Executive Officer of the public company for the last two plus years. He oversaw the significant growth and expansion of the Company, first as a private entity, and ultimately through its public listing. Jeff will remain active as our Chairman, ensuring a seamless transition and continued execution of the Company’s strategy.”
Mr. Ward commented, “I am thrilled with the opportunity to join Broadmark as its next Chief Executive Officer. Jeff and the team have built a great company, with significant competitive advantages, and I look forward to carrying on their accomplishments and leveraging my industry experience and relationships in support of the Broadmark team in order to accelerate growth for shareholders in 2022, and beyond.”
Mr. Pyatt stated, “I am pleased to welcome Brian to Broadmark. He is an extremely talented executive, with deep experience in finance and originations, and I am confident he will bring fresh perspective to our strategic growth plans. I am proud of the work our team has done to get Broadmark to where we are today, and as Chairman, I am excited to help Brian lead our company into the future.”
Mr. Ward has spent the bulk of his 30+ year career directing and managing institutional debt and equity investments into a wide range of core, core-plus and opportunistic real estate assets around the world. Prior to Trimont, Mr. Ward served as the President of the Americas for Colliers International, overseeing all Capital Markets & Investment Services functions for the company in the United States, Canada and Latin America.
About Broadmark Realty Capital
Broadmark Realty Capital Inc. (NYSE: BRMK) is an internally managed commercial real estate finance company that offers short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation or development of residential or commercial properties. Broadmark Realty Capital manages and services its loan portfolio across a variety of market conditions and economic cycles.
