PennyMac Mortgage Investment Trust Chief Executive and Chairman Stanford Kurland will step down from his position effective Jan. 1, the company announced Tuesday. The move came among several others in an apparent management shake-up at PennyMac Mortgage’s Westlake Village headquarters.

David Spector, age 53, will be promoted to chief executive from his current post as chief operating officer. Kurland, who will assume the role of executive chairman without changes to his compensation, said the restructuring was aligned with leadership transitions at parent company PennyMac Financial Services Inc.

“I want to emphasize my intent to remain deeply engaged in leading the strategic and operational direction of both companies for the forseeable future,” he said in a prepared statement. “Today’s changes will allow the next generation of (company) leaders to assume broader roles and greater levels of responsibility.”

Kurland founded PennyMac Financial Services in 2008 and has been chief executive since 2013.

The company announced the changes after the close of the stock market.