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UPDATE 1-CapitalSource says CFO resigns, names replacement

Thu Mar 26, 2009 5:29pm EDT

Stocks

   

* CFO Thomas Fink resigns

* Names Donald Cole as new CFO

March 26 (Reuters) - CapitalSource Inc (CSE.N) said chief financial officer Thomas Fink resigned, effective May 1, to pursue other interests, and it named Donald Cole as his replacement.

Cole, currently the chief administrative officer, has been a member of the executive committee since 2004, the company said in a statement. Fink will continue to be with CapitalSource till June 19.

The company, which transformed itself from a real estate investment trust to a bank in January, posted a wider net loss for the fourth quarter, but said it had sufficient liquidity to conduct business. [ID:nBNG222427]

"As we simplify our business and focus on our banking strategy, the CFO role at CapitalSource Inc is changing significantly in scope," Chief Executive John Delaney said. "Tom Fink's departure is a mutual recognition of that reality."

Shares of the company closed down 2 percent at $1.48 Thursday on the New York Stock Exchange. (Reporting by Adheesha Sarkar in Bangalore; Editing by Ratul Ray Chaudhuri)



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