- Push-out Score determined
- After about three years in the position
- Praise and good wishes for Williams
- Sreeni Prabhu taking over
(exechange) — Atlanta, Georgia, September 28, 2022 — Robert Williams, chief executive of Angel Oak, leaves. As announced by Angel Oak Mortgage Inc. in a news release and in a regulatory filing published on Wednesday, September 28, 2022, Robert Williams leaves his post as chief executive officer at the real estate finance company, after about three years in the role, effective immediately.
Robert Williams’s duties as CEO will be taken over by Sreeniwas (Sreeni) Prabhu, currently co-founder, Managing Partner and Group Chief Investment Officer at Angel Oak Capital Advisors, LLC.
“Now is the right time”
Robert Williams’s departure from the CEO post is explained as follows. Michael Fierman, Chairman of the Company’s Board of Directors, said: “After the successful completion of the Company’s initial public offering in 2021 and its first full year as a public company, the Board believes that now is the right time to make this leadership transition.”
Precise information regarding Robert Williams’s future plans was not immediately available.
“Cease serving”
Angel Oak said: “On September 28, 2022, the Company announced that Robert Williams will cease serving as the Company’s Chief Executive Officer and President, effective as of September 28, 2022.”
Share price decline since September 2021
The announcement follows a decline in Angel Oak Mortgage Inc.’s share price of 32% since September 2021.
In the position of CEO since 2019
Robert Williams became CEO of the Company in 2019.
Williams will continue to serve in a senior advisory role for the Company during a transition period which is not expected to extend beyond Q1 2023.
Robert Williams has served as the Company’s Chief Executive Officer and President since August 2019.
Williams has also served as Managing Director of Angel Oak Capital since January 2018 and as the Chief Executive Officer of the Company’s Manager since August 2019.
Williams has 30 years’ experience as a finance professional holding various corporate leadership roles in banking, investment banking, mortgage banking, and the energy sector for both national and international organizations.
Prior to becoming the Company’s Chief Executive Officer and President, Williams was the Chief Financial Officer and Treasurer of New Residential Investment Corp. (NYSE: NRZ) and a Managing Director of FIG LLC, the external manager of New Residential Investment Corp. and an affiliate of Fortress Investment Group LLC, from February 2013 until November 2013.
Prior to New Residential Investment Corp., Williams was Vice President at Occidental Petroleum Corporation from April 2009 until December 2012.
Williams previously served as Treasurer of Washington Mutual Inc. from February 2005 until October 2008 and as President of Washington Mutual Inc. from October 2008 until May 2012.
Prior to joining Washington Mutual Inc., Williams was a Senior Vice President with SunTrust Banks, Inc. and served in multiple capacities from January 1985 until January 2005, where he was head of fixed income trading and research, and managed a team that handled all treasury capital market functions such as investment portfolio, funding, and capital management.
Williams holds a B.S. from Clemson University and an MBA from Furman University. Additionally, he holds a Chartered Financial Analyst designation.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Robert Williams’s move on a scale of 0 to 10.
exechange reached out to Angel Oak and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 40.2022 ($).