Capstead Chairman/CEO Resigns

Wesley R. Edens has resigned as chairman, chief executive officer, and president of Capstead Mortgage Corp., Dallas, and has been succeeded by Paul M. Low as chairman and Andrew F. Jacobs as CEO and president.Capstead, a real estate investment trust, and Fortress Investment Group, a New York-based investment firm and Capstead shareholder, also reported that Robert I. Kauffman, a Fortress partner, has resigned as a Capstead director. Mr. Edens, who heads Fortress' private equity investment business, said, "In recent months, Fortress has sold most of its investment in the company, and so I believe it is an appropriate time for me to step down as chairman and CEO." Mr. Low is a Capstead founder and a member of its board of directors. Mr. Jacobs, who was most recently Capstead's executive vice president and chief financial officer, has also been elected to Capstead's board. Phillip A. Reinsch, senior vice president for control, has been promoted to CFO. Capstead can be found online at http://www.capstead.com.