T.J. Durkin has been named CEO of AG Mortgage Investment Trust, the company announced in a press release.
Durkin, who currently serves as President and as a member of the Board, will continue both of those roles.
He will replace David Roberts, who has served as CEO since 2011 but will resign as Chairman, CEO, and as a member of the board due to his pending retirement.
“In early 2021, we set out to reposition and simplify the Company’s mission – to become a leading, pure-play residential credit REIT,” said Roberts.
“T.J. and his team have achieved this transformation at a rapid pace and I am confident that under T.J.’s leadership, MITT will continue to be well positioned in executing our origination and securitization strategy and growing our business.”
AG’s Lead Independent Director, Debra Hess, has been appointed to the position of Non-Executive Chair of the Board beginning October 1. Hess has more than two decades of leadership experience in the investment world, as well as a “deep knowledge of MITT’s business,” according to the release.
“We are truly honored to have Debra transition to the role of Chair of the Board. Her strategic insight, experience, and thoughtful leadership as our Lead Independent Director perfectly positions her to lead the MITT Board and reinforces our commitment to strong corporate governance and enhancing stockholder value,” Roberts added.
In addition to these changes, Nicholas Smith, the company’s Chief Investment Officer, will become a member of the Board on October 1. Smith runs investment firm Angelo Gordon’s residential whole loan business and has experience in specialized structured credit trading and capital markets.
“We are extremely pleased to have Nick join the Board. His deep mortgage origination and securitization expertise will strengthen and complement the mix of skills and robust experience of our Board,” Durkin said.