""Redwood Trust, Inc."":www.redwoodtrust.com/, is making significant changes to its directorship, recently announcing the departure of current chairman of the board, George E. Bull, III, who officially stepped down from his leadership role on September 18. Following Bull's transition, Redwood unanimously elected Richard D. Baum as the company's new chairman for its board of directors.[IMAGE]
Baum has been a part of Redwood's board as an independent member since 2001 Most recently, Baum served as Redwood's presiding director and chair of the board's governance and nominating committee.
In conjunction with the company's directorship changes, Redwood also appointed Douglas B. Hansen as the vice chairman of the board, and like Baum, his new position was confirmed by a unanimous vote.
Hansen, who was a co-founder of Redwood alongside Bull, has been a part of the company's directorship since its establishment in 1994, and he was Redwood's president from 1994 through 2008.[COLUMN_BREAK]
""Redwood has a good foundation and great future prospects ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the wind is at its back. 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. At this stage in my life, now is the time for me to focus my energy on enjoying my growing family and other interests,"" noted Bull of his departure.
""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 added.
Contributing his commentary, Baum stated, ""Through his vision and leadership in founding Redwood with Doug Hansen 18 years ago, George established the principles and operating foundation upon which the company continues to grow today. All of us at Redwood regard George as a good friend and greatly appreciate and honor his many years of effort on behalf of the company. We will seek to build on what he started.
""Having worked with Doug Hansen, as well as with Redwood's CEO, Marty Hughes, and president, Brett Nicholas, during my eleven-year tenure as a member of the Redwood Board, I know that this transition in board leadership will be seamless and that the strength of our leadership team will allow us to remain focused on Redwood's long-term strategic goals,"" finished Baum.
""George has made invaluable contributions to Redwood through his role as a co-founder and his long distinguished service as its past CEO and chairman. Redwood's shareholders and employees have all benefited from his wisdom and inspirational leadership. His involvement has been especially meaningful to me, as we have worked closely together for over twenty years. Even as the focus of his life shifts, we will continue to enjoy his friendship and appreciate his ongoing interest in Redwood and willingness to provide continuing advice and counsel,"" concluded Hansen.