This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Trade Street Residential Announces Management Transition

Stocks in this article: TSRE

- Richard Ross Named Interim Chief Executive Officer - - Ryan Hanks Named Interim Chief Operating Officer -

AVENTURA, Fla., Feb. 24, 2014 (GLOBE NEWSWIRE) -- Trade Street Residential, Inc. (Nasdaq:TSRE) ("Trade Street" or the "Company"), a fully integrated owner and operator of high-quality apartment communities located primarily in the southeastern United States, today announced that Richard Ross, currently the Company's chief financial officer, has been appointed by the Company's board of directors as interim chief executive officer. Mr. Ross replaces Michael D. Baumann, who has decided to step down as the Company's chief executive officer and as a Company director. In connection with the appointment of Mr. Ross as interim chief executive officer, Ryan Hanks, the Company's chief investment officer, has been appointed as interim chief operating officer.

Mack Pridgen, chairman of the Company's audit committee and its lead independent director, has been appointed as Chairman of the Company's board of directors.  The Company's board of directors will actively oversee the management transition and lead the search for a permanent chief executive officer, which will begin immediately.

Mr. Pridgen commented on the management transition: "We are grateful for Mr. Baumann's loyalty to and stewardship of the Company and contributions he has made in the building of Trade Street and wish him well in his future endeavors. We are excited about our strategy and the future of our company. We have a young portfolio of upscale apartment communities in great markets, an active pipeline of attractive 'off market' acquisitions and a fully funded and restructured balance sheet poised for growth. We are also fortunate to have an energetic group of employees who are dedicated to creating value for our stakeholders."

"I have enjoyed working with an exceptional group of talented and special people, and I want to thank all of Trade Street's employees, leadership team and the board of directors for their support over the years.  I am confident that the company is well-positioned for the future and will succeed in its plans and continue to be a leading operator and acquirer of multi-family assets in the Southeast," Mr. Baumann said.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs