stal River" or the "Company") (NYSE: CRZ) announced that its Board of Directors ("Board") has appointed William Powell as its President and Chief Executive Officer (CEO), effective Tuesday, May 13, 2008. Mr. Powell joins Crystal River from his former position as co-head of Brookfield Asset Management's Real Estate Finance Funds Group. Mr. Powell has over 20 years of real estate investment experience, focusing on commercial debt, structured finance and commercial real estate equity markets.
Mr. Powell succeeds Clifford Lai, who has served as Crystal River's President and Chief Executive Officer for the past three years. Mr. Lai will focus his efforts on growing Brookfield Asset Management's investment management platform, where he is a Managing Partner. He will remain a member of Crystal River's Board.
As a result of the challenging market conditions for structured real estate securities and financing in general, which are expected to persist for some time, Crystal River's Board has been evaluating the Company's current investment strategy. Although Crystal River benefited from Mr. Lai's structured finance expertise, the Board believes that Mr. Powell's wide-ranging background in commercial real estate will better serve the Company prospectively.
"We are grateful for Clifford's dedicated service as CEO and, most recently, for his efforts in stabilizing Crystal River's financial position in one of the most challenging operating environments in recent history," said Bruce Robertson, Chairman of Crystal River's Board of Directors. "We welcome Bill Powell who brings with him in-depth expertise in both the commercial real estate equity and debt markets. We are confident that his experience and knowledge will greatly benefit Crystal River."
About Crystal River
Crystal River Capital, Inc. (NYSE: CRZ) is a specialty finance REIT. The Company invests in commercial real estate, real estate loans, real estate-related securities, such as commercial and residential mortgage-backed securities, and other alternative asset classes. Crystal River focuses on opportunities across the real estate spectrum. For more information, visit www.crystalriverreit.com.
Forward-Looking Statements
This news release contains 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, including statements relating to Mr. Powell's and Mr. Lai's future contributions to Crystal River.
