MILL VALLEY, Calif. (AP) ¿ Redwood Trust Inc., a real estate investment trust, said Monday Diane L. Merdian has been named chief financial officer, effective in March.

Martin S. Hughes, who currently serves as president, co-chief operating officer, and chief financial officer, will serve as CFO until March. Hughes will continue to serve as president and co-chief operating officer thereafter.

Separately, Jeffrey T. Pero has been elected to the board of directors. Merdian has resigned from her position as a board member.

Merdian previously worked as an equity research analyst focused on the banking sector. She also worked as bank strategist and senior bank research analyst of Keefe, Bruyette & Woods, where she was a managing director.

Shares rose 39 cents, or 2.8 percent, to $14.10, in afternoon trading.
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

If you liked this article you might like

What's Behind the Surge in Energy Stocks

Hillary Clinton Says Prosecuting Individuals is Key to Wall Street Reform