Move is part of a "planned transition to a seasoned group of leaders"
Redwood Trust has announced major changes to its organizational structure, which will see three executives leave the firm’s subsidiary CoreVest American Finance.
The REIT revealed that CoreVest CEO Beth O’Brien, who founded the single-family rental lender in 2014, and president Christopher Hoeffel will depart from Redwood on October 14, which marks the third anniversary of its acquisition of CoreVest. Redwood said the move is part of a “planned transition to a seasoned group of leaders within CoreVest.”
“On behalf of Redwood, we want to thank Beth and Christopher immensely for their significant contributions over the years,” said Dash Robinson, president of Redwood. “Beth, along with Christopher, Ryan McBride and the rest of the leadership team, have grown the platform to be the national leader in the business purpose mortgage space, with an exceptional reputation and unrivaled market footprint.”
Read more: Redwood Trust snaps up CoreVest for $490 million
Robinson said that CoreVest remains a critical driver of Redwood’s business strategy, and transitioning to the next generation of leadership had been a key driver for the platform’s long-term success.
Separately, Redwood promoted Fred Matera, its current head of residential business, to chief investment officer. Matera will oversee the company’s centralized investment, capital markets and distribution functions across its investment, business purpose lending, and residential mortgage banking portfolios.
Congratulating Matera on his appointment, Redwood CEO Christopher Abate said: “Fred has been a trusted partner to Redwood over many years in various roles, providing invaluable leadership. Fred will lead a collaborative effort that should further strengthen our industry-leading capital markets and investing disciplines to capitalize on the opportunities we see in today’s markets. Fred’s deep expertise across both the residential and commercial mortgage spaces, track record in capital markets, and commitment to innovation have contributed to Redwood’s success over the years, and we look forward to the leadership he will continue to bring to this important function of our business.”
