New York-based Gramercy Capital Corp., feeling the credit squeeze and operating in a rocky real estate market, appointed
Roger Cozzi as president and CEO, replacing Marc Holliday, who is stepping down from the post he held since Gramercy's inception in 2004.
Maintaining its credit line is key for Gramercy, since it's flirting with breaching certain covenants on its unsecured bank lines, The Wall Street Journal reported.
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As part of the management shuffle, chief investment officer Andrew
Mathias and chief credit officer Gregory Hughes have stepped down.
Holliday and Mathias will remain as consultants to Gramercy through
Sept. 30, 2009.
Cozzi has worked at Goldman, Sachs & Co.
and was an investment officer for Starwood Mezzanine Investors. From
1998 to 2007, he was with iStar Financial Inc., a real estate investment
trust focused on financing commercial real estate. He became chief
investment officer there. Most recently, Cozzi was a managing director
at Fortress Investment Group LLC.
In a statement, Gramercy said that
"the board is confident that Roger is the right person to tackle the
significant challenges that the industry faces in the current economic
climate."
Gramercy is managed by GKK Manager LLC, a
majority-owned subsidiary of SL Green Realty Corp. Before the end of
trading, Gramercy shares traded flat at 81 cents. That's 97% off a year high
of $28.51.
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Baz HiralalSee the WSJ storyGo to the Gramercy press release
