- Push-out Score determined
- After almost 13 years in the position
- Praise for Mumma
- Jason Serrano taking over
- Mumma will remain as Executive Chairman at New York Mortgage Trust
- Mumma said 94 words
(exechange) — New York, November 16, 2021 — Steve Mumma, chief executive of New York Mortgage Trust, leaves his position. As announced by New York Mortgage Trust Inc. in a news release and in a regulatory filing published on Tuesday, November 16, 2021, Steven R. (Steve) Mumma leaves his post as chief executive officer at the real estate investment trust, after almost 13 years in the role, effective January 1, 2022.
Steve Mumma’s duties as CEO will be taken over by Jason T. Serrano, currently President at New York Mortgage Trust Inc.
No reason given
In the announcement, New York Mortgage Trust did not explicitly explain the reason for the move.
Mumma will remain as Executive Chairman at New York Mortgage Trust
“Steven R. Mumma, the Chairman of the Board of Directors of the Company (the “Board”) and Chief Executive Officer, will transition to the role of Executive Chairman of the Company and that the Company’s President, Jason T. Serrano, will succeed Mr. Mumma as Chief Executive Officer of the Company, each effective on January 1, 2022,” New York Mortgage Trust said.
Share price decline since November 2016
The announcement follows a decline in New York Mortgage Trust Inc.’s share price of 27% since November 2016.
In the position of CEO since 2009
Steve Mumma became CEO of the Company in 2009.
As Executive Chairman, Mumma will remain an integral member of the executive management team and continue to play a significant role in the Company’s ongoing investment decisions, risk management activities, and capital management strategies.
Mumma’s term as Executive Chairman will begin on January 1, 2022 and continue through December 31, 2022, subject to extension upon mutual agreement of the parties.
Steven R. Mumma is the Company’s Chairman and Chief Executive Officer.
Mumma has served as Chairman of the Company’s Board of Directors since March 2015. Mumma has served as Chief Executive Officer since February 2009.
Mumma was appointed President, a role he held until May 2016, and Co-Chief Executive Officer effective March 31, 2007 and served as Chief Financial Officer from November 2006 to October 2010.
Prior to serving in the above capacities, Mumma served as the Company’s Chief Investment Officer, a position to which he was named in July 2005, and as Chief Operating Officer, commencing in November 2003.
From 1981 to 2003, Mumma served in various financial and accounting roles for financial and accounting institutions.
Mumma received a B.B.A. cum laude from Texas A&M University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Steve Mumma’s move on a scale of 0 to 10.
exechange reached out to New York Mortgage Trust and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 47.2021 ($).