Daily News: April 9, 2012

Delaney Wins Nomination, Resigns from CapitalSource

Last week, CapitalSource’s John Delaney won the Democratic nomination for Maryland’s 6th Congressional district. On the heels his primary election victory, Delaney announced he will resign his executive chairman post, but will remain as board chairman. In January, CapitalSource announced Delaney would take a leave of absence from the company without pay.

An article in The Washington Post noted Delaney will have no role in the day-to-day operations of CapitalSource and comes at a critical time for the company as it strives to shed past loans and morph itself into The CapitalSource Bank.

The transition has been a few years in the making. Delaney had turned over his chief executive duties in 2009 to James Pieczynski and Steve Musles. Museles stepped down from that position in November 2011 leaving Pieczynski at the helm. The move, according to the article, was motivated in part by Delaney’s interest in public service.

To view The Washington Post article, click here.

Previously on abfjournal.com:

Delaney’s Business Record Key to Congressional Campaign, Friday, March 23, 2012

CapitalSource Exec Takes Leave in Bid for Congress, Friday, January 06, 2012