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Thomas J. Hughes, Chairman and Chief Executive Officer
- Mr. Hughes assumed this position July, 2007. From 2001 to 2005, Mr. Hughes was CEO of Deutsche Asset Management and was a member of the Deutsche Bank Group Executive Committee, an eight member committee responsible for the strategic direction and operation of Deutsche Bank. Under his leadership, the $3 billion acquisition of Scudder Investment and RREEF Asset Management was completed. These acquisitions positioned Deutsche Bank as the third largest Asset Management Company in the world. By the end of 2003, as a result of significant restructuring of the Asset Management business, Deutsche Asset Management became the most profitable public Asset Management Company in the world. Mr. Hughes was with Merrill Lynch from 1984 to 2001, where he held a number of senior positions. In 1987, Merrill Lynch announced a historic loss in mortgage derivatives and asked Mr. Hughes to head all of Merrill Lynch's mortgage trading activities where he rebuilt and expanded the mortgage department. This included principal acquisition of commercial real estate and expansion into mortgage derivatives. The business became a leader in the liquidation of the thrift industry through the Resolution Trust Corporation, an organization started by the U.S. thrift regulators. He also negotiated and led the acquisition and liquidation of Centrust Savings and Loan. In 1991, Mr. Hughes became the global head of equity derivatives and convertible bond trading, which became a market leader within a year. In early 1999, as a result of the financial crisis of 1998, Mr. Hughes was hand picked to be the head of a newly created unit, Global Securities Financing. Mr. Hughes received a Bachelor of Science degree in Naval Architecture and Marine Engineering from The United States Merchant Marine Academy. He has served as a member of the board for organizations including the International Monetary Fund and Hospital for Special Surgery and continues as a board member of the Cystic Fibrosis Foundation and The United States Merchant Marine Academy. [Top]
Ronald E. Schrager, Vice
President and Chief Operating Officer/Co-President of Real Estate Finance
and Servicing Group
- Mr. Schrager is Co-President of our Real Estate Finance and Servicing
Group, which is primarily focused on special servicing, CMBS investment and
joint venture activities. During his career with us, Mr. Schrager became
our COO in 2003 and also directed the Real Estate Asset Management
Department, managed due diligence efforts for new acquisitions, assisted in
portfolio financing and securitization efforts and negotiated loan workouts and
restructurings. In addition, Mr. Schrager opened and managed our Western
Regional Office in Los Angeles in 1995 and assisted in the establishment of
operations in Tokyo in 1997. Mr. Schrager joined Lennar's Real Estate
Investment and Management Division (the predecessor to a substantial portion of
our business) in 1992 from Chemical Bank (now J. P. Morgan Chase) in New York,
where he served as Vice President and focused on restructuring troubled loans.
Mr. Schrager received a Masters Degree in Business Administration from Harvard
Business School in 1988. He graduated in 1983 with a Bachelor of Arts from the
University of Pennsylvania and was elected to Phi Beta Kappa.
Robert B. Cherry, Vice
President and Chief Investment Officer/Co-President of Real Estate
Finance and Servicing Group
- Mr. Cherry is responsible for establishing our investment strategy and
approving specific investments. He is also responsible for sourcing and
evaluating (i) new investment opportunities in debt products (i.e. CMBS,
B-notes, and distressed debt), (ii) reverse repurchase agreements and
structured financings collateralized by these debt products and (iii) third
party joint venture partners in these debt products. Prior to joining Lennar in
March 1995, Mr. Cherry was a Vice President of G. Soros Realty Advisors/Quantum
North America Realty Fund, a $500 million offshore hedge fund specializing in
opportunistic real estate investments, where he was responsible for equity and
securitized debt underwriting. Prior to that, Mr. Cherry was a senior analyst
in the Structured Finance Group at Moody’s Investor Service, where he was
responsible for rating debt backed by commercial real estate. Before joining
Moody’s, Mr. Cherry was an associate with the law firm of Sullivan &
Cromwell, specializing in real estate and securitized commercial real estate
financings. Previously, Mr. Cherry was with EQK Partners, a joint venture
between Equitable and Kravco, where he analyzed commercial real estate
investments for placement into a NYSE-listed partnership. Mr. Cherry is a
graduate of the Wharton School of Business at the University of Pennsylvania
and UCLA School of Law.
Mark A. Griffith, Vice
President/President of European Operations
- Mr. Griffith has over 20 years of real estate experience and is
responsible for all aspects of our European operations, including the
management of LNR's first sponsored investment fund formed for the purpose of
making investments primarily in various forms of securitized debt backed by
mortgages on commercial real estate properties located in the European Union
and Switzerland. In his 17 years with us, Mr. Griffith has held positions
ranging from U.S. Regional President to Director of Real Estate. From
1993 until his relocation to London in 2002, Mr. Griffith was President of
LNR's real estate activities in the Eastern Region of the United States where
he led a large team of LNR professionals focused on the acquisition,
management, development, repositioning, leasing and disposition of real estate
and mortgage loan assets. Mr. Griffith directed the workout and
resolution of approximately $3 billion of non-performing assets acquired in
partnerships with leading investment banks and led the restructuring and
servicing of loan collateral with respect to two CMBS transactions sponsored by
such investment banks. From 1997 through 2000, Mr. Griffith also directed
investment activities of LNR in Japan, acquiring interests in over $8 billion
of non-performing loan assets and establishing the first Japanese licensed
special servicer. In 2002, Mr. Griffith directed the purchase of an
interest in the largest French real estate property investment in the country's
history, and in 2004, Mr. Griffith spearheaded the acquisition of Hatfield
Philips, a leading European commercial real estate loan servicer.
Prior to joining Lennar in 1990, Mr. Griffith was Vice President of Centrum
Development and Amel Corporation, both real estate organizations in Florida,
and Arlen Shopping Centers in Ohio where he was responsible for the management
and development of retail and office projects. Mr. Griffith attended Ohio
University.
David O. Team, Vice President/President
of Property Group
- Mr. Team is responsible for managing our Property Group, which is
focused on the acquisition, development, management and disposition of
commercial real estate properties and mixed-use land investments across the
U.S. From April 1996 until June 1997, Mr. Team had similar
responsibilities for Lennar’s Real Estate Investment and Management Division
(the predecessor to a substantial portion of our business). Prior to joining
LNR, Mr. Team spent 11 years in real estate, including time spent at a large
regional development company and loan servicing and management group. Mr.
Team graduated from the University of North Carolina and serves in a leading
role in a variety of real estate and community organizations, including the
Urban Land Institute, NAOIP, BIA and the children’s charity, CASA. James Whitlow, Vice
President, General Counsel, Secretary and Chief Ethics Officer - James Whitlow joined LNR in May 2007 as Assistant General Counsel in the Real Estate Finance and Servicing Group. Prior to joining LNR, Mr. Whitlow worked at IVAX Corporation, a publicly traded company, from 1999 through 2006 when IVAX was acquired. Mr. Whitlow held several positions at IVAX, the last being Director of Corporate Governance. Before IVAX, Mr. Whitlow worked at the law firm Bilzin Sumberg Baena Price & Axelrod in Miami. Mr. Whitlow received his law degree from Harvard Law School. Paul Sherman,
Vice President and
Chief Financial Officer
- Mr. Sherman was appointed Vice President and Chief Financial Officer in July,
2007 and joined the Company in December 2002 as Vice President, Planning and
Strategy. He has over 20 years of finance, accounting and operations
experience. Prior to joining LNR, Mr. Sherman was employed by Burger King
Corporation in Miami, Florida, where he held various positions including Chief
Financial Officer of the company restaurant division. He began his career in
the United Kingdom where he worked for Charterhall PLC and Hacker Young &
Co., both in London, England. Mr. Sherman is a U.K. Chartered Accountant and he
received a Diploma in Accounting from City of London College in 1983.
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