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National Commercial Real Estate

$500M REIT's First CEO Resigns After Three Years At The Helm

David Miller, president and CEO of Silver Bay Realty Trust, has resigned, effective immediately, the REIT announced yesterday.

Silver Bay's lead independent director Thomas Brock will serve as interim CEO while the board of the residential REIT ($521M market cap) looks for a replacement.

Despite the management shake-up, Silver Bay expects strong Q4 results, chairman Irvin Kessler says. “We have the utmost confidence in Tom’s ability to successfully manage this transition.”

A Harvard Business School grad, Miller's led the REIT since it went public in December 2012. Before taking the reigns, Miller held various roles at the US Department of Treasury.

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