- Push-out Score determined
- After about two years in the position
- Praise for Pyatt
- Brian Ward taking over
- Pyatt will remain as Chairman at Broadmark Realty
- Pyatt said 68 words
(exechange) — Seattle, Washington State, February 7, 2022 — Jeff Pyatt, chief executive of Broadmark Realty, leaves his position. As announced by Broadmark Realty Capital Inc. in a news release published on Thursday, February 3, 2022, and in a regulatory filing published on Monday, February 7, 2022, Jeffrey B. (Jeff) Pyatt leaves his post as chief executive officer at the internally managed secured real estate finance company, after about two years in the role, effective March 1, 2022.
Jeff Pyatt’s duties as CEO will be taken over by Brian P. Ward, most recently Chief Executive Officer at Trimont Real Estate Advisors.
The fact that Jeff Pyatt’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“Completes the executive transition that was announced in September 2021”
Jeff Pyatt’s departure from the CEO post is explained as follows. Broadmark Realty said: “The naming of Mr. Ward as Broadmark’s new Chief Executive Officer completes the executive transition that was announced in September 2021.”
On September 20, 2021, the Company had stated in a regulatory filing: “On September 16, 2021, Joseph L. Schocken notified the Company of his resignation as Chairman of the Board of Directors and a director of Broadmark Realty Capital Inc. (the “Company”), effective November 14, 2021. Mr. Schocken’s resignation is not as a result of a disagreement with the Company. The Board has appointed Jeffrey B. Pyatt, the Company’s President and Chief Executive Officer, as Chairman of the Board effective as of November 14, 2021. Mr. Schocken will become the Company’s honorary Chairman Emeritus upon his retirement from the Board but will no longer vote on business coming before the Board.”
Pyatt will remain as Chairman at Broadmark Realty
“Mr. Ward will succeed Jeffrey B. Pyatt, the Company’s current Chief Executive Officer and Chairman of the Board, who will retain the role of Chairman,” Broadmark Realty said.
“Resignation”
Broadmark Realty said: “On February 2, 2022, the Company entered into a letter agreement (the “Letter Agreement”) with Mr. Pyatt providing, among other things, for Mr. Pyatt’s resignation as Chief Executive Officer and as an employee of the Company as of the Effective Date [March 1, 2022], and for his future service as Chairman of the Board.”
Share price decline since February 2020
The announcement follows a decline in Broadmark Realty Capital Inc.’s share price of 26% since February 2020.
In the position of CEO since 2019
Jeff Pyatt became CEO of the Company in 2019.
Jeffrey Pyatt, the Company’s current Chairman of the Board of Directors, will retain the role of Chairman.
Jeffrey B. Pyatt has served as the Company’s President and Chief Executive Officer and a director since the consummation of the Business Combination.
Prior to that, he served as President of MgCo I from the time that he co-founded it in 2010 and served as a member of the board of directors of each of the Predecessor Companies from their inception and, directly or indirectly, as a member of the board of managers of each of the Predecessor Management Companies from their inception, in each case through the consummation of the Business Combination.
Prior to founding MgCo I, Pyatt co-founded and managed a private lending fund, Private Lenders Group, from 2004 to 2009.
Pyatt has served on the boards for three different Boys and Girls Clubs as well as numerous other non-profits.
Pyatt received a Bachelor of Science in accounting from the University of Denver and a master’s degree in taxation from the University of Denver College of Law.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Jeff Pyatt’s move on a scale of 0 to 10.
exechange reached out to Broadmark Realty and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2022 ($).