Equity International CEO resigns, Sam Zell to take over-WSJ

Sept 12 Wed Sep 12, 2012 11:22pm EDT

Sept 12 (Reuters) - Equity International chief executive Gary Garrabrant has left the U.S. private equity firm for undisclosed reasons and company founder Sam Zell will act as the interim CEO, the Wall Street Journal reported on Wednesday.

Thomas McDonald, chief strategic officer, also exited the company, according to the paper.

Chicago-based Equity International did not confirm the departures.

But in a written statement made available to Reuters, Zell, the billionaire real estate investor who founded the company in 1999, said he is "actively engaged in the business" and Equity International had the ability to "contribute during this transition."

Equity International, which manages $2 billion of global pension money, owns publicly traded companies around the world including Gafisa SA in Brazil, Xinyuan Real Estate Co Ltd in China and Homex Development Corp in Mexico.

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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