Colony Financial Inc. on Monday said that it has promoted Chief Financial Officer Darren Tangen to the position of chief operating officer, effective immediately.

The Santa Monica real estate investment trust, an affiliate of billionaire Thomas J. Barrack Jr.’s Colony Capital LLC, said that Tangen will retain his current responsibilities as CFO and treasurer.

“Darren has taken on increasing levels of responsibility since our initial public offering, and this well-deserved promotion reflects his leadership role within the company,” said Chief Executive Richard Saltzman in a statement.

Tangen has served as CFO since the company was formed in June 2009 with a focus on distressed assets, and became treasurer in conjunction with the company’s initial public offering that September. Prior to joining Colony Capital in 2002, where he is still a principal, Tangen worked at Credit Suisse First Boston and Colliers International.

Shares closed up 12 cents, or less than 1 percent, to $16.86 on the New York Stock Exchange.