David Miller resigned as chief executive officer of Silver Bay Realty Trust Corp., and board member Thomas Brock will lead the single-family landlord during the search for a new CEO.
Brock will serve as interim president and CEO, effective immediately, while the company seeks a permanent replacement with a strong background in real estate operations, according to a statement Tuesday. Miller will no longer serve on Silver Bay's board. Ronald Weiser will become interim lead independent director to fill Miller's slot, the company said.
"We believe that the next phase of Silver Bay's development will see a continued emphasis on core real estate operations," Chairman Irvin Kessler said in the statement. "As such, we will seek a leader with a strong background in real estate operations and a track record of generating superior operating results and will commence a search to find such a person immediately."
Shares of Silver Bay, one of the first U.S. single-family home operators to raise money through an initial public offering, have plunged more than 20% since they started trading in December 2012. The stock slipped 0.6% Tuesday to close at $14.46.
The U.S. single-family rental industry is consolidating as landlords have said it takes hundreds, if not thousands, of homes to achieve the scale needed for efficient management. Silver Bay, with about 9,000 houses, has seen slower growth than landlords such as Blackstone Group LP's Invitation Homes, which has amassed about 50,000.
Silver Bay's CEO search and plan to focus on improving operations may signal that a sale of the company isn't imminent, Jade Rahmani, an analyst with Keefe Bruyette & Woods Inc., said in a note to clients.
