LOS ANGELES, Dec. 20, 2012 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced that its Founder, John K. Delaney, has resigned as Chairman and a member of the Company's Board of Directors and as a member of the CapitalSource Bank Board of Directors, effective immediately, as he completes preparations to join the 113 th Congress as a Member of the U.S. House of Representatives. Long-time Board member and Presiding Independent Director William G. Byrnes has been elected to succeed Delaney as Chairman. The Board recognized Mr. Delaney's contributions to the Company since its founding in 2000 with the honorary title of Chairman Emeritus. He will take office on January 3, 2013, representing the 6th Congressional District in Maryland.
"I love CapitalSource and am devoted to many of the individuals who contributed to our success over the years, so it is a special honor to be awarded the Chairman Emeritus title," said Congressman-elect John K. Delaney. "I have always subscribed to the belief that our work in life falls into one of three categories - duty, obligation, or privilege. Starting CapitalSource and working with all of my colleagues across the past 12 years has always been a privilege. I am particularly pleased that Jim Pieczynski and Tad Lowrey are managing the Company and that Bill Byrnes will be Board Chair," added Delaney. "Jim and Tad are doing a truly exceptional job leading CapitalSource and Bill has a deep understanding of the strategic priorities for the Company.
"In addition to thanking my colleagues for making CapitalSource possible, I want to thank the countless individuals outside the Company with whom I have had the pleasure of working, including our clients, investors, lenders, regulators and advisors. Based on its people, its market position, and its financial strength, the future business prospects for CapitalSource are extremely bright,"concluded Delaney.