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ROCKVILLE, MD-Officials at commercial mortgage REIT Criimi Mae Inc. have revealed that company EVP David B. Iannarone will resign from his post as of this Friday, October 24. The position will not be refilled. “His many duties will be taken over by Criimi Mae’s new president, Mark R. Jarrell,” company spokesman James T. Pastore tells GlobeSt.com. Jarrell came onboard as president just a little over one month ago to replace former president Barry Blattman, who has stayed on with Criimi Mae as chairman of the board and CEO.

“Dave had been instrumental in moving the company out of bankruptcy and implementing the recapitalization that took place earlier this year,” Pastore adds. The change represents a win-win situation both for the company, as well as for the departing executive vice president. Iannarone, Pastore says, has taken a “great new job with Allied Capital.”

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