- Push-out Score determined
- After less than one year in the position
- Thanks and good wishes for Ward
- Jeff Pyatt taking over temporarily
- Search for a successor
- Ward kept it short and said 25 words
(exechange) — Seattle, Washington State, November 7, 2022 — Brian Ward, chief executive of Broadmark, leaves — by “mutual agreement.” As announced by Broadmark Realty Capital Inc. in a news release and in a regulatory filing published on Monday, November 7, 2022, Brian P. Ward, chief executive officer, leaves the real estate finance company, after less than one year in the role, effective immediately.
Broadmark will undertake a search for a successor.
Brian Ward’s duties as CEO will be taken over temporarily by Jeffrey B. (Jeff) Pyatt, most recently Chairman at Broadmark Realty Capital Inc., as Interim Chief Executive Officer.
Brian Ward’s move coincides with a management shake-up also involving the position of Chief Financial Officer.
“Weather the rapidly changing economic forces”
Broadmark did not give an explicit reason for Brian Ward’s departure from the CEO post. David Karp, Broadmark’s Lead Independent Director, said: “The Board is taking definitive steps to effectively position the business to weather the rapidly changing economic forces in and around our industry.”
Precise information regarding Brian Ward’s future plans was not immediately available.
Broadmark said: “Broadmark Realty Capital Inc. (NYSE: BRMK) (“Broadmark” or the “Company”), an internally managed secured real estate finance company, today announced, effective immediately, the appointment of Jeffrey Pyatt, current Chairman of the Board of Directors and former Chief Executive Officer of Broadmark, as Interim Chief Executive Officer. Additionally, Kevin Luebbers, an Independent Director of the Company and Chair of the Audit Committee, has been appointed Interim President. The Board of Directors (the “Board”) is in the process of launching a search for a new Chief Executive Officer. These appointments follow a mutual agreement to separate between the Board of Directors and Brian Ward, who will resign from his roles as Chief Executive Officer and Director of the Company, effective immediately.”
Broadmark further said: “The Company and Brian P. Ward, the Company’s Chief Executive Officer and a director, have mutually agreed to terminate Mr. Ward’s employment relationship with the Company effective at the close of business on November 7, 2022.”
Share price decline since March 2022
The announcement follows a decline in Broadmark Realty Capital Inc.’s share price of 33% since March 2022. March 2022 is the month in which Ward’s tenure as CEO began.
In the position of CEO since 2022
Brian Ward became CEO of the Company in 2022.
Brian P. Ward was appointed to serve as the Company’s Chief Executive Officer and as a director effective March 1, 2022.
Ward previously served a Sr. Advisor for Trimont Real Estate Advisors (“Trimont”) and Trimont Global and, prior to November 1, 2021, was the CEO and responsible for all functions of Trimont Real Estate Advisors and its affiliates worldwide.
Ward also served on Trimont’s Board Directors and chaired Trimont’s internal advisory council, security committee and executive operating committee.
Ward serves on the Alumni Board of Advisors for Harvard Business School, the Harvard University Alumni Real Estate Board, and the Advisory Board and Executive Committee for the New York University Stern Center for Real Estate Finance.
He is also an active member of the Washington Bar, the Real Estate Roundtable, Urban Land Institute (ULI), where he serves on the Global Exchange Council, and the Commercial Real Estate Finance Council (CREFC) in both the United States and Europe.
Ward has spent the bulk of his career directing and managing institutional debt and equity investments into a wide range of core, core-plus and opportunistic real estate assets around the world.
Prior to Trimont Ward served as the President of the Americas for Colliers International, overseeing all Capital Markets & Investment Services functions for the company in the United States, Canada and Latin America.
At the time of Brian Ward’s appointment as Chief Executive Officer at Broadmark, Ward had stated: “I am thrilled with the opportunity to join Broadmark as its next Chief Executive Officer. Jeff and the team have built a great company, with significant competitive advantages, and I look forward to carrying on their accomplishments and leveraging my industry experience and relationships in support of the Broadmark team in order to accelerate growth for shareholders in 2022, and beyond.”
At the time of Brian Ward’s appointment as Chief Executive Officer at Broadmark, Pyatt had stated: “I am pleased to welcome Brian to Broadmark. He is an extremely talented executive, with deep experience in finance and originations, and I am confident he will bring fresh perspective to our strategic growth plans. I am proud of the work our team has done to get Broadmark to where we are today, and as Chairman, I am excited to help Brian lead our company into the future.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Brian Ward’s move on a scale of 0 to 10.
exechange reached out to Broadmark and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2022 ($).