Richard D. Baum has been elected as chairman of Redwood Trust, the Mill Valley, Calif.-based real estate investment trust which is the only current consistent issuer of private-label MBS. Baum replaces company co-founder and former CEO George E. Bull III, who left the position on Sept. 18.

Baum, whose background is in the insurance industry, is currently president and managing partner of Atwater Retirement Village. Until now, he had been Redwood’s presiding director and chairman of the governance and nominating committee.

In addition, Douglas Hansen has been named vice chairman of Redwood. Hansen is the other co-founder of the REIT and retired as its president in 2008.

Bull said in a statement issued by Redwood that “at this stage of my life, now is the time for me to focus my energy on enjoying my growing family and other interests.”

Marty Hughes remains as Redwood’s CEO and Brett Nicholas as its president.

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