"Stuart has made an extraordinary contribution to CharterMac and has been the key architect of most of the successes that our company has experienced over the past two decades," Ross says in a release. "Since we listed on the American Stock Exchange in 1997, Stuart's goal for the company was to establish CharterMac as a dominant force in the real estate finance industry, and it is clear that he accomplished this. During his tenure as CEO, the company's assets under management more than doubled, our market capitalization more than tripled and there is no doubt that CharterMac has cemented its reputation as a driving force in our industry. Having achieved all of this, Stuart has decided that it was the right time in his career to explore other initiatives. He will stay on as a consultant for a period of one year to ensure a smooth transition. It has been a privilege to work with Stuart, and we wish him all of the best."

In addition to Ross' role as interim CEO, Marc Schnitzer, president, and Alan Hirmes, CFO, will assume several of Boesky's responsibilities and will continue to manage the day-to-day operations of the company, according to Ross.

Boesky practice real estate and tax law with Shipley & Rothstein from 1984 to 1986, when he joined Related Capital Co., a CharterMac subsidiary. Prior to that, he practiced law with the Boston office of Kaye, Fialkow, Richman and Rothstein from 1983 to 1984. He was previously also a consultant to the accounting firm of Laventhol & Horwath.