The two top executives at LNR Property have resigned, shortly after the nation’s largest manager of distressed commercial real estate loans was acquired by Barry Sternlicht’s Starwood Property in a $1.05 billion deal, the Wall Street Journal reported.
Tobin Cobb and Justin Kennedy stepped down as co-chief executive officers, Cobb told the Journal on Monday. The decision was taken in consultation with Sternlicht, Cobb added.
The resignations were in step with Starwood’s desire to integrate LNR into its own company rather than run it as a separate operation, Sternlicht told the Journal.
“The construct of running [LNR] as an independent entity wasn’t long for us,” he said.
Cory Olson, who was previously LNR’s chief operating officer, will now be president and run the firm.