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Boesky Steps Down From CharterMac

NEW YORK CITY-Tomorrow marks Stuart Boesky's last day as CEO and a member of the board of trustees. While the board reviews candidates to fill his position, Stephen Ross will act as interim CEO.

By Melissa Kress | Updated on November 14, 2005

NEW YORK CITY-Stuart Boesky’s tenure as CEO and member of the board of trustees for CharterMac is winding down as he prepares to leave the company tomorrow to explore other opportunities. Stephen Ross, chairman, will act as the interim CEO while the board reviews both internal and external candidates for the position.Boesky has been with CharterMac and his predecessors for 20 years, serving as CEO for the past five. According to the company, he has decided the time is right to explore other initiatives.

“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.

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