Wilbur Ross' appointment as Commerce secretary will leave a void in the board room at Sun Bancorp, but his firm's investment in the Mt. Laurel, N.J., company will likely stay in place.
WL Ross & Co., the investment firm Ross founded in 1999, is expected to maintain its 23% stake in Sun after its namesake departs for Washington, said Thomas O'Brien, the $2.2 billion-asset Sun's president and chief executive. WL Ross is also expected to designate a board successor for Ross. As part of the firm's 2010 investment, it is entitled to have a board representative as long as it owns at least 7.5% of Sun's stock.