TORONTO, Sept. 28, 2016 /CNW/ - Trez Capital Senior Mortgage Investment Corporation (the "Company") announced today that Michael J.R. Nisker submitted his resignation effective November 11, 2016, as President and Chief Executive Officer, due to a mutually agreed upon decision for him to retire from Trez Capital Fund Management Limited Partnership (the "Manager").
"The Trez Capital Senior Mortgage Investment Corporation Board of Directors (the "Board") is very grateful for the contribution Michael has made to the Company since its inception," said Gary Samuel, Chair of the Investment Committee of the Board. "He has steered the Company through a number of challenges and he will be missed."
Effective November 11, 2016, Sandy Manson, who is currently the Company's Chief Financial Officer, will assume the role of President and Chief Executive Officer.
Effective November 11, 2016, Greg Vorwaller will be appointed to the Board replacing Mr. Nisker as one of the Manager's Board nominees. Greg Vorwaller is currently the President of the Manager. Prior to joining the Manager, Greg has held a number of senior executive positions at prominent financial and real estate services firms where he led and built businesses encompassing investment sales, mortgage brokerage and investment banking to market leading positions. Most recently he served as Executive Vice President and Global Head of Capital Markets of Cushman & Wakefield, prior to which he served as the President and Chief Operating Officer of CBRE's Global Capital Markets business line.
"It has been a privilege to work with the outstanding team we have," said Michael J.R. Nisker. "I look forward to working with the Board during the transition period and am extremely confident that the Company will complete its orderly wind-up in a manner that maximizes value for shareholders."
About the Company
The Company holds a diversified portfolio of mortgages in Canada. Trez Capital Fund Management Limited Partnership is the manager of and portfolio advisor to the Company. On June 16, 2016 the Shareholders of the Company approved the orderly wind-up of the Company. Under the orderly wind-up plan the Company will distribute the net proceeds through special distributions, the repurchase of shares pursuant to the normal course issuer bid, or otherwise.
SOURCE Trez Capital Senior Mortgage Investment Corporation
For further information: Karyn Phuong, Vice President, Investor Relations, Trez Capital, Tel: (647) 788-1788, E-mail: Karynp@trezcapital.com