Franklin BSP Realty Trust, Inc. (FBRT) has announced a leadership transition, with Michael Comparato being appointed as the new Chief Executive Officer and Brian Buffone being promoted to President. Richard Byrne will continue in his role as Chairman of the Board of Directors.
During the recent announcement, Mr. Byrne expressed his excitement at welcoming Mike Comparato in his new role, highlighting Comparato's influential role in building and scaling Benefit Street Partners' real estate platform. Brian Buffone was also praised for his experience and contribution to the investment team.
Elizabeth Tuppeny, the lead independent director of FBRT’s board of directors, expressed confidence in the management succession plan, emphasizing that the new appointments will position FBRT to execute its long-term strategy. She thanked Richard Byrne for his exceptional leadership and expressed the board's pleasure in his agreement to continue as Chairman.
In response to the announcement, Michael Comparato expressed his gratitude for Richard Byrne's leadership and the role he played in building FBRT. He also congratulated Brian Buffone on his promotion, highlighting Buffone as a trusted partner and proven leader.
This transition is expected to bring a natural evolution to FBRT’s leadership, leaving the company well-positioned to execute its strategy in the dynamic market environment.
The financial metrics and performance of FBRT, as well as any changes in key performance indicators, were not included in the press release. The market has reacted to these announcements by moving the company's shares 0.39% to a price of $10.29. For more information, read the company's full 8-K submission here.
