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Sternlicht resigns as chairman of TRI Pointe

TRI Pointe Group Inc. Chairman Barry Sternlicht and director Christopher Graham resigned from the company's board of directors, following the sale of 11,985,905 shares of the homebuilder by Sternlicht's Starwood Capital Group.

Effective March 29, the company's board appointed Steven Gilbert to serve as independent chairman and reduced its size to six members.

Sternlicht is the chairman and CEO of Starwood Capital.