Schnitzer Will Lead CharterMac

Marc D. Schnitzer has been named chief executive officer of CharterMac, replacing Stephen M. Ross, who has served as interim CEO of the company since last November.

Mr. Ross will continue to be chairman of CharterMac, the company reports.

"Marc has been an exceptional leader during his tenure as president of the company," said Mr. Ross.

"His strategic vision for CharterMac, combined with his operational and management skills, make Marc a strong and unifying force within our organization. He is a recognized and highly regarded figure within the real estate finance industry."

Mr. Ross added that a search process by the company's board of trustees had also identified Mr. Schnitzer, who joined CharterMac's predecessor company in 1986, as the best choice for the position.

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