Crystal River Capital Inc. has named William Powell president and chief executive, the commercial real estate investment fund said Monday.
Powell replaces Clifford Lai, who has been CEO for three years.
The company said it has been reviewing its investment strategy in light of the tough real estate financing markets.
Powell is currently co-head of Brookfield Asset Management's real estate finance funds group.
The appointment becomes effective Tuesday.
Lai will work on the company's investment management business, where he is a managing partner. He will remain on Crystal River's board.
Crystal River shares slipped a penny to close at $8.91. In aftermarket activity, they fell another 91 cents, or 10.2 percent, to $8. They have ranged from $7.97 to $29.34 over the past year.
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