Capstead Mortgage Corp. has promoted Andrew Jacobs to executive vice president for finance, treasurer, and secretary.
Mr. Jacobs, 38, was senior vice president in charge of asset and liability management. He will take on the responsibilities of treasurer and secretary previously held by Julie Moore, who is retiring after her maternity leave, the company said.
Capstead, a mortgage real estate investment trust, was one of this year's most visible victims of lower interest rates and faster-than- expected prepayments.
In June it announced it would have to sell interest-only and adjustable- rate mortgage securities at a loss of nearly $255 million, as well as taking an impairment charge of $45 million on its mortgage servicing portfolio.
Last month it said it would eliminate its common stock dividend. On July 23 a class action was filed against the company and its top management, alleging securities fraud. The company said it would defend itself "vigorously."