In an apparent bid to restore investor confidence, Gramercy Capital Corp. has appointed Roger Cozzi its new CEO. Mr. Cozzi will replace Marc Holliday, CEO of SL Green, Gramercy's biggest investor.
Mr. Holliday has headed up Gramercy, a real estate finance and investment company, since its inception in 2004. The firm has taken a beating in recent months. A recent Wall Street Journal article reported that, "the real-estate investment trust has seen its access to capital curtailed by the credit crunch. It also is suffering from a scarcity of property transactions and rising defaults."
The Journal went so far as to conclude that the firm's survival is in doubt. Since January, the firm's stock price has dropped nearly 97 percent. read more »