RAIT Financial Trust Announces New Independent Chairman of the Board of Trustees
October 24 2016 - 8:45AM
Business Wire
RAIT’s Board Separates Chairman and CEO Roles
RAIT Financial Trust (“RAIT”) (NYSE: RAS) today announced that,
effective October 18, 2016, RAIT’s Board of Trustees (the “Board”)
separated RAIT’s offices of Chairman and Chief Executive Officer
(“CEO”) previously both held by Scott Schaeffer and elected Michael
Malter to succeed Mr. Schaeffer as Chairman. Mr. Malter joined the
Board in November 2015 and has been determined by the Board to be
independent. Mr. Malter currently serves on the Risk Management
Committee and the Compensation Committee of the Board and chairs
the Special Committee of the Board which was responsible for
negotiating the previously announced agreement by RAIT with
Independence Realty Trust, Inc. (“IRT”) (NYSE MKT:IRT) relating to
IRT’s management internalization.
Mr. Schaeffer will remain a member of the Board and continue as
RAIT’s CEO until the closing of IRT’s management internalization
transaction contemplated by this agreement which is expected to
occur in December 2016.
As previously announced, Scott Davidson, RAIT’s current
President, will become the CEO of RAIT and will serve on the RAIT
Board effective upon this closing. Mr. Davidson has been with RAIT
since 2010, serving in various capacities, including Managing
Director and President.
"I'm pleased to have been appointed Chairman of RAIT’s
Board,” said Michael Malter. “I'm excited to work with Scott
Davidson and the Board as we seek to enhance RAIT’s position
within the commercial mortgage REIT sector and maximize long-term
returns for our stakeholders. On behalf of the RAIT Board, I
would like to thank Scott Schaeffer for his service, dedication and
leadership over his sixteen year career with the company.”
About Michael Malter
Mr. Malter is a retired investment banker having served in a
variety of senior management positions at JPMorgan Chase & Co.,
or JPM, a financial services firm, and its predecessor firms from
1988 until 2005. He retired as the Co-Head of the Global Financial
Institutions Group of JPM in 2005. Mr. Malter currently serves as a
director or member of the advisory committee of four investment
vehicles that each use Varadero Capital, L.P., an SEC registered
investment adviser, as their respective investment manager.
About RAIT Financial Trust
RAIT Financial Trust is an internally-managed real estate
investment trust that provides debt financing options to owners of
commercial real estate and invests directly into commercial real
estate properties located throughout the United States. In
addition, RAIT is an asset and property manager of real
estate-related assets. For more information, please visit
www.rait.com or call Investor Relations at 215.243.9000.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements can generally
be identified by our use of forward-looking terminology such as
“guidance,” “may,” “plan,” “will,” “should,” “expect,” “intend,”
“anticipate,” “estimate,” “believe,” “seek,” “opportunities” or
other similar words or terms. Because such statements include
risks, uncertainties and contingencies, actual results may differ
materially from the expectations, intentions, beliefs, plans or
predictions of the future expressed or implied by such
forward-looking statements. These risks, uncertainties and
contingencies include, but are not limited to: the inability of the
parties to satisfy all required closing conditions and consummate
the management internalization transaction, enhance RAIT’s position
within the commercial mortgage REIT sector or maximize long-term
returns for stakeholders. RAIT undertakes no obligation to update
these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events, except as may be required by law.
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RAIT Financial TrustAndres Viroslav,
215-207-2100ir@rait.com