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Pote Replaces Schorsch in AFR Shake-Up

JENKINTOWN, PA-Board member Harold Pote replaces Nicholas Schorsch, effective immediately, as president and CEO. Pote is the former vice chairman of retail financial services for JP Morgan Chase.

By Marita Thomas | Updated on August 17, 2006

JENKINTOWN, PA-The awaited shake-up at American Financial Realty Trust arrived this morning now that board member Harold Pote has replaced Nicholas Schorsch, effective immediately, as president and CEO. Pote is the former vice chairman of retail financial services for JP Morgan Chase. GlobeSt.com will update this story following an 8:30 am conference call.

Meanwhile, in a statement, Pote outlined a series of initiatives to “reposition the company.” At the same time, he said, “this management team will not close the door on any opportunity or action that will realize full and fair value to our shareholders,” in an apparent reference to a potential sale of the company.

Lewis Ranieri, chairman of the locally based financial REIT, said in the statement that Schorsch had resigned “by mutual agreement” with the board of trustees. Schorsch is a founder of AFR, and Ranieri credited him with helping the company “achieve first-mover advantage in our market niche.” There was no mention of Schorsch’s future plans. Ranieri said, “Realizing maximum shareholder value will require changes in the execution of the business plan.”

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