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Stoclet takes charge at Crown as Haggerty moves on

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Crown Mortgage Management has named Eric Stoclet as chief executive officer, following the departure of Steve Haggerty who is leaving the company to take up a new challenge.

The appointment, which is effective from 1 February, is subject to Financial Services Authority approval.

Stoclet is currently advising Crown and Forum Partners, a substantial investor in Crown, on the restructuring of the Crown group’s European holdings.

Prior to that, he was group executive director at Noor Investment Group in Dubai and, until April 2007, worked for Citigroup for over 25 years holding a number of senior positions in the US, Europe, North Africa and Latin America. 

Throughout his career, Stoclet has been associated with various aspects of the real estate industry including commercial and residential financing, loan portfolio purchases and sales, and management of non-performing loans. 

He has also managed substantial businesses at Citigroup and has broad experience in investment banking and all aspects of credit including origination, workout/restructuring and administration.

Stoclet will lead the next stage of Crown’s growth, advising and helping holders of mortgage assets that wish to clean up their balance sheets, facilitating secondary market sales of portfolios, and providing servicing and workout offerings to existing and future clients. 

Julien Holmes continues as chief operations officer and Peter Walker as director of the company. Holmes has worked at Crown for more than 20 years and Walker more than ten years.

Paul Marks will remain non-executive director of the company and will provide strategic support to Stoclet and the management team.

Subject to FSA approval, it is anticipated that Russell Platt, chief executive of Forum Partners, and Richard Cotton, also at Forum Partners and a former managing director at J.P. Morgan/Cazenove, will be joining the board.

Ronald Roark, who founded the company, is relocating back to the US to focus on his business interests there and will retire from Crown Mortgage Management’s board.

Haggerty is to take up a senior role at another company within the next few weeks.

Platt says: “While I’m sorry to see Steve Haggerty leave, the scope of the job he will be taking on is a tribute to his leadership qualities and I wish him all the best. I’m pleased we’ve been able to assemble a talented leadership team to take Crown forward. Eric Stoclet has done a superb job restructuring Crown’s European operations. With Eric as chief executive and Richard Cotton joining Paul Marks on the board, Crown’s management team can continue to build on the company’s existing reputation in servicing and support its clients through co-investing with them. I’m very enthusiastic about future prospects for Crown which is an important investment for Forum.”

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