NEW YORK (AP) -- MFA Financial CEO Stewart Zimmerman is retiring from the real estate investment trust at year's end.
Zimmerman will be succeeded by William Gorin, who currently serves as president. Gorin, 55, has served as president since 2008. He's been a board member since 2010.
The 69-year-old Zimmerman has served as CEO since 1997. He will work as a consultant to the New York company through the end of 2014.
MFA Financial Inc. also announced on Monday that Craig Knutson, 54, will become president and take on the newly created role of chief operating officer. Knutson has served as executive vice president since 2008.
Gorin and Knutson's appointments are effective on Jan. 1, 2014.
MFA Financial's stock added 5 cents to $7.49 in morning trading.