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CapLease Board Names CEO McDowell Chairman

NEW YORK CITY-Lewis Ranieri, chairman since 1995, steps down due to family reasons; Paul McDowell fills his position.

By Ian Ritter | Updated on December 14, 2007

NEW YORK CITY-Lewis Ranieri, chairman of local REIT CapLease, is stepping down, and the company’s chief executive officer, Paul McDowell, is filling his position. The changes are effective immediately.

Ranieri says he is exiting his post for family reasons. He has served as chairman since 1995, a year after the firm was founded, and will continue to stay on the board in an advisory role.

McDowell is a founder of CapLease and has served as chief executive officer of the firm since 2001. He served as senior vice president, general counsel and secretary from 1994 until his promotion to chief executive.

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