LOS ANGELES (AP) -- Commercial lender CapitalSource Inc. said Thursday that its founder, newly elected congressman John Delaney, has resigned as chairman and a member of the board, effective immediately.
Delaney also resigned as a member of the CapitalSource Bank board. The Maryland Democrat is set to take office on Jan. 3, after defeating 10-term U.S. Rep. Roscoe Bartlett in November.
William Byrnes, a long-time board member and presiding independent director, was elected to succeed Delaney as chairman. Delaney, who founded the company in 2000, received the honorary title of chairman emeritus.
CapitalSource shares rose 2 cents to $7.50 in afternoon trading.