New Residential Corp. in major rebranding and restructuring

Read more: New Residential delivers positive financial results

Company head Michael Nierenberg believes the move “positions the company for long-term success.”

“We view this transaction as a way to drive value for shareholders with expected cost savings, incremental synergies and ability to leverage employees across the NRZ [New Residential] ecosystem,” said Nierenberg, chairman, CEO and president of New Residential. “Our strategy has not changed – we will continue to focus on opportunities across the financial services landscape.”

The firm will continue to be managed by its senior leadership team, with Nierenberg at the helm. Nick Santoro will remain the company’s chief financial officer and chief accounting officer. New Residential said it intends to retain FIG employees who currently serve in key positions, including those who support the company’s investment, legal, accounting, tax, and treasury operations.

Additionally, New Residential has announced plans to change its name and rebrand as Rithm Capital Corp., in a bid to strengthen its position as a diversified real estate company. The name change will take effect on or about August 01, a release said.