NEW YORK, March 29 (IFR) - Steve Renna, CEO and president of powerful real estate lobby group CRE Finance Council, has left the organization, a spokesperson told IFR on Tuesday.
The spokesperson did not say why Renna had gone, but a CREFC member told IFR that he had been asked to leave.
The organization styles itself as the main voice of the US$3.4trn commercial real estate industry, and Renna took over as CEO about five years ago in the wake of the financial crisis.
He battled last year with a member of the group’s executive team who was in favor of more regulations on the industry.
Several group members told IFR that tensions have been rising over the revival of ratings shopping, a technique that regulators blame for contributing to the last financial crisis.
Stacy Stathopoulos, executive vice president at the organization who reported to Renna, has also left, the spokesperson said.
Renna and Stathopoulos could not be reached for comment. The departures were first reported by Global Capital. (Reporting by Joy Wiltermuth; Editing by Natalie Harrison and Marc Carnegie)