Contact Information: Contact: Resource Capital Corp. www.resourcecapitalcorp.com
Resource Capital Corp. Elects New Chairman of the Board of Directors
| Source: Resource Capital Corp.
PHILADELPHIA, PA--(Marketwire - November 9, 2009) - Resource Capital Corp. (NYSE : RSO ) ("RSO"
or the "Company"), a real estate investment trust whose investment strategy
focuses on commercial real estate loans and, to a lesser extent, commercial
finance assets, has expanded its Board of Directors and elected Steven J.
Kessler to serve as Chairman of the Board. Edward E. Cohen, who has served
as RSO's Chairman of the Board since the Company's inception, will continue
to serve on RSO's Board of Directors.
Mr. Kessler, Chief Financial Officer of Resource America, Inc. (NASDAQ : REXI ) since 1997 and Executive Vice-President of REXI since 2005, has
almost 30 years of hands-on experience in commercial real estate and
related matters. Prior to joining REXI in 1997, Mr. Kessler served as Vice
President-Finance and Acquisitions at Kravco Company, a national shopping
center developer and operator, from 1994 to 1997. From 1983 to 1994, Mr.
Kessler held several positions at Strouse Greenberg & Co., a regional full
service real estate company, ending as Chief Financial Officer and Chief
Operating Officer, and Vice President-Finance and Chief Accounting Officer
at its successor, The Rubin Organization, Inc. Prior thereto, Mr. Kessler
was a Partner at Touche Ross & Co. (now Deloitte & Touche LLP), independent
public accountants. Mr. Kessler also served as a Trustee of GMH
Communities Trust ("GMH"), a previously publicly-traded specialty housing
real estate investment trust, from its initial public offering in 2004 to
2008 when GMH was sold.
At RSO Mr. Kessler will take an active role in its real estate activities.
Jonathan Z. Cohen, President and CEO of RSO and REXI said, "Steve brings 30
years of commercial real estate and related experience to Resource Capital
Corp. The Company is very lucky to have Steve take on this role. RSO will
benefit from Steve's additional focus and efforts during this critical time
in the commercial real estate markets."
RSO is externally managed by Resource Capital Manager, Inc., an indirect
wholly owned subsidiary of Resource America, Inc., a specialized asset
management company that uses industry specific expertise to generate and
administer investment opportunities for its own account and for outside
investors in the commercial finance, real estate and financial fund
management sectors.
For more information, please visit the Resource Capital Corp. website at
www.resourcecapitalcorp.com or contact investor relations at
pkamdar@resourceamerica.com.
This press release includes statements that may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to a variety of
known and unknown risks, uncertainties, and other factors that are
difficult to predict and many of which are beyond management's control.
Factors that can affect future results are discussed in the documents filed
by Resource Capital Corp. from time to time with the Securities and
Exchange Commission. Resource Capital Corp. undertakes no obligation to
update or revise any forward-looking statement to reflect new or changing
information or events.