- Push-out Score determined
- After about 11 years in the position
- Thanks for Siering
- Bill Greenberg taking over
(exechange) — New York, June 24, 2020 — Tom Siering, chief executive of Two Harbors, leaves. As announced by Two Harbors Investment Corp. in a news release and in a regulatory filing published on Wednesday, June 24, 2020, Thomas E. (Tom) Siering leaves his post as chief executive officer at the real estate investment trust after about 11 years in the role, effective immediately.
Tom Siering’s duties as CEO will be taken over by William (Bill) Greenberg, most recently Co-Chief Investment Officer of Two Harbors Investment Corp.
Tom Siering’s move forms part of a management shake-up also involving the position of Chief Investment Officer.
No reason given
In the announcement, Two Harbors did not explicitly explain the reason for Tom Siering’s move.
Precise information regarding Tom Siering’s future plans was not immediately available.
“Will no longer serve/removed”
Two Harbors said: “Thomas Siering will no longer serve as President and CEO; he will remain on the Board of Directors as a non-independent director until the next annual meeting of the Company’s stockholders.”
Two Harbors further said: “On June 24, 2020, the Board of Directors of Two Harbors Investment Corp. (“Two Harbors” or the “Company”) removed Thomas E. Siering from his position as President and Chief Executive Officer of the Company with immediate effect.”
Share price decline
The announcement follows a decline in Two Harbors Investment Corp.’s share price of 57% since June 2019.
Chaired by Stephen G. Kasnet
Two Harbors Investment Corp. is chaired by Stephen G. Kasnet.
Stephen G. Kasnet is an independent member and the Chairman of the Company’s Board of Directors. He has been a director of the Company since the Company’s merger with Capitol Acquisition Corp. (“Capitol”) in October 2009.
In the position of CEO since 2009
Tom Siering became CEO of the Company in 2009.
Siering has been a director and executive officer since the Company was incorporated in May 2009.
Siering is a Partner of Pine River, which is the parent company of the Company’s external manager, PRCM Advisers.
Siering currently serves as a director of Granite Point Mortgage Trust Inc. (NYSE: GPMT).
Siering also previously served as a director of Silver Bay Realty Trust Corp. (NYSE: SBY) from December 2012 to May 2017.
Prior to joining Pine River in 2006, Siering was head of the Value Investment Group at EBF & Associates, a private investment firm, from 1989 until 2006.
During that period, he was also the manager for Merced Partners, LP, a private investment firm, and Tamarack International Limited, a closed end, non-diversified investment management company.
Siering was named a Partner at EBF & Associates in 1997.
Siering joined EBF & Associates in 1989 as a trader.
From 1987 to 1989, Siering held various positions in the Financial Markets Department at Cargill, Inc.
From 1981 until 1987, Siering was employed in the Domestic Soybean Processing Division at Cargill in both trading and managerial roles.
Siering holds a B.B.A. from the University of Iowa with a major in Finance.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Two Harbors and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 26.2020 ($).