The CEO and EVP of the CRE Finance Council abruptly departed on March 28 in what is being described by the association as a management restructing.
But CEO Steve Renna and EVP Stacy Stathopoulos were the only two to step down.
The council's official statement reads: "“Stephen Renna has left CREFC as its president/CEO. The change takes place immediately along with a new management restructuring that will be announced in the future. The restructuring will be crafted by a transition committee which has been authorized by CREFC management’s board of governors.”
Immediate past chairman Tim Gallagher will chair the transition committee, but will not be acting CEO. An interim executive has not been chosen, and an executive search firm has not yet been discussed.
Council spokesman Cary Brazeman said a a detailed plan on the reorganization will be shared with CREFC members in the next 10 days. He said the committee will look at the way the association is organized to how it serves members.
Renna became CRE Finance Council CEO in 2011. Before that he was president of of the National Association of Real Estate Investment Managers for nearly three years, and SVP and counsel of Real Estate Roundtable.
CRECF was founded in 1994, and now has 7,500 individual members, 290 member companies, and 11 staff before the Renna's and Stathopoulos' departures. A budget was not available.