In addition, Mr. Cohen has decided to transition to President and Chief Executive of IFMI's European operations and will continue to focus on growing the Company's European capital markets and asset management operations. The Board's Nominating and Corporate Governance Committee, along with Mr. Cohen, are currently undertaking a search for a successor to Mr. Cohen as Chief Executive Officer. Until a successor is appointed, Mr. Cohen will remain as IFMI's CEO.
Mr. Cohen concluded, "Given the many promising opportunities in Europe, I have decided that it would be most beneficial for the Company if I were to focus my energy on IFMI's operations in the region. This is an exciting time for IFMI and I look forward to continuing to work with IFMI's talented employees as we build enhanced value for our stockholders."
Mr. DiMaio said, "We believe that IFMI represents an ideal strategic investment, with strong human capital, infrastructure, and institutional experience on which to grow a first-tier structured products platform. Mead Park and its principals intend to work closely with the IFMI management team to bring access to capital and industry relationships that should create significant leverage for the Company. We think the Mead Park team can have an immediate impact on the platform, especially the structured products origination, structuring, and sales businesses where we have great depth of experience as operators. We look forward to further developing our relationship with IFMI and building additional value for the Company's stockholders."
Sandler O'Neill + Partners, L.P. served as financial advisor to the Special Committee of IFMI's Board of Directors and provided a fairness opinion on the proposed transaction. Cooley LLP served as legal advisor to the Special Committee.Jack J. DiMaio, Jr. is the CEO and founder of Mead Park. Prior to founding Mead Park, Mr. DiMaio was a Managing Director and Global Head of Interest Rate, Credit and Currency Trading of Morgan Stanley as well as a member of the firm's Management Committee. Prior to joining Morgan Stanley, Mr. DiMaio co-founded DiMaio Ahmad Capital LLC and served as CEO and Managing Partner. Before starting DiMaio Ahmad Capital, Mr. DiMaio was a Managing Director and Head of the Diversified Credit Hedge Fund Group at Credit Suisse Alternative Capital, Inc. He was also an Executive Board Member of Credit Suisse Securities (USA), Inc. Prior to that, he was CEO of Alternative Investments at Credit Suisse Asset Management. Mr. DiMaio joined Credit Suisse in 1989 and after completing its sales and trading program, he joined its credit research group. In 1990, he joined the Credit Suisse corporate bond trading desk where he was appointed Head Trader in 1995 and Department Head in 1996. At the end of 1997, he was appointed Head of Credit Suisse Global Credit Trading. In 2000, he was responsible for the entire Global Credit Products Cluster and named Head of Fixed Income Division North America. Mr. DiMaio holds a B.S. in Finance from New York Institute of Technology.
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