Boesky Stepping Down at CharterMac, AMAC

Stuart J. Boesky will step down Nov. 15 as chief executive officer of CharterMac, New York, and American Mortgage Acceptance Co., a New York-based real estate investment trust of which CharterMac is the external adviser, the companies have announced.In addition to his CEO role, Mr. Boesky is also stepping down as a member of CharterMac's board of trustees and as chairman and president of AMAC. CharterMac chairman Stephen M. Ross, who will become interim CEO of the company, lavished praise on Mr. Boesky for his nearly 20 years at CharterMac and said he will stay on as a consultant to both companies for a year. Jeff T. Blau, president of The Related Cos. and a member of CharterMac's board, has been named interim chairman and CEO of AMAC, and CharterMac president Marc D. Schnitzer has been named president of AMAC. "I felt it was the right time in my career for me to tackle some new challenges and opportunities," Mr. Boesky said. CharterMac is a real estate finance company that focuses on multifamily financing. The companies can be found online at http://www.chartermac.com and http://www.americanmortgageco.com.