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RAIT Financial Trust CEO to depart

RAIT Financial Trust President and CEO Scott Davidson is resigning from the company and its board, effective Feb. 28.

His resignation was not because of any disagreement with the company related to its operations, policies or practices.

Effective the same date, the company's board appointed John Reyle interim CEO and interim president. He will continue as the company's general counsel in addition to the new responsibilities.

Additionally, RAIT Financial Trust has engaged financial adviser M-III Advisory Partners LP to advise and assist in its ongoing assessment of its financial performance and financial needs.