Alfred R. Camner, a founder of the struggling BankUnited Financial Corp. of Coral Gables, Fla., retired Monday as its chairman and chief executive officer.
Ramiro A. Ortiz, the president and chief operating officer, is now the CEO of the $14.2 billion-asset company, which bet heavily on adjustable-rate mortgages before property values tumbled. Mr. Ortiz will retain his title of president.
BankUnited said Mr. Camner has been named chairman emeritus and founder to recognize his role in establishing and building the company.
Lawrence H. Blum, its vice chairman, has been elected chairman and board member Bradley S. Weiss has been elected vice chairman.
"Mr. Camner and the board concluded that it was the right time for the next generation of leadership to steer this institution, and we are delighted to have Ramiro Ortiz — one of the most highly regarded and respected bankers in the nation — become CEO," Mr. Blum said in a press release.
BankUnited lost $118 million in its fiscal third quarter, which ended June 30, and said last month that it received an order from the Office of Thrift Supervision requiring higher capital levels than typically needed to be classified as well capitalized. It has been trying to raise $400 million of capital for months.