Non-QM real estate investment trust Angel Oak Mortgage Inc. on Wednesday announced the departure of CEO Robert Williams. The company appointed Sreeni Prabhu, a managing partner at affiliate Angel Oak Capital Advisors, as the new president and CEO.
The leadership shakeup comes after two consecutive quarters of financial losses. Angel Oak Mortgage Inc., which went public last year, disclosed a net loss of $52.1 million in the second quarter and $43.5 million in the first quarter.
Prabhu will remain a managing partner and the chief investment officer at Angel Oak Capital Advisors and Williams will serve in an advisory role during the transition, the company said Wednesday in a statement.
“I have worked side-by-side with Sreeni for more than 14 years, and believe his investment and operational experience, leadership, and strategic vision will help drive the company’s success in the years to come,” Michael Fierman, chairman of the company’s board of directors, said in a statement.
“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,” Fierman added. “We want to acknowledge Robert’s hard work and contributions to our growth and successful launch of the company as a publicly-traded REIT, and we wish him well in the future.”
In an 8K report filed with the Securities and Exchange Commission, Angel Oak said Williams, who previously worked at New Residential and Fortress, was terminated without cause.
Prior to co-founding Angel Oak Capital, Prabhu was chief investment officer of the investment portfolio at Washington Mutual Bank in Seattle, where he managed a $25 billion portfolio. He said Angel Oak Mortgage Inc. was “fully committed to growing the company through execution of our consistent strategy of underwriting and managing credit risk, judiciously utilizing the securitization market, and prudent leverage.”
Angel Oak Mortgage Solutions, a separate company within the Angel Oak family, this week announced layoffs affecting 75 staffers.
