The American Securitization Forum (ASF) said that George Miller, executive director of the associaton since 2004, will resign his position as of Dec. 16. At that time, Deputy Executive Director Tom Deutsch, who has also been with the ASF since 2004, will become acting executive director.
A permanent executive director is expected to be named by the ASF board of directors before the ASF 2010 industry conference, to be held in Washington DC from Jan. 31 to Feb. 3.
"We are sorry to see George depart, but support his decision and wish him success in his new endeavors," said Ralph Daloisio, chairman of the ASF Board.
"George played an instrumental role in the formation and management of what has become an effective, credible and well-respected industry association. ASF will benefit from his leadership and management skills even after his departure, in the form of the strong organization and very capable staff team that remains." Daloisio added.
“The ASF owes a great debt of gratitude to George Miller for so faithfully building on our original vision of a member driven organization that speaks for all constituencies in the securitization markets in a high quality, professional, substance driven voice,” said Jason Kravitt, deputy chair of the ASF and one of the original founders.
"I have been honored and privileged to serve ASF since the Forum's inception, and am proud of the organization that I have helped to build and manage, working together with ASF's dedicated membership and talented staff team," Miller said. "While I have decided to pursue other opportunities at this stage of my career, I firmly believe in the importance and value of securitization to our financial markets and broader economy, and intend to remain professionally connected to the business, albeit in a different capacity."
The ASF board also said a search will be done right away for potential candidates, which will include Deutsch, to assume the ASF executive director role on a permanent basis, with a decision expected to be announced in January.
"We have every confidence in Tom’s ability, drawing upon ASF’s membership and staff resources, to lead the ASF as acting executive director. We are well-positioned to ensure that the critical priorities of ASF and the securitization industry continue to be addressed effectively," Daloisio said.
Miller wrote a letter to members of the securitization industry about his departure. The text of letter is included below:
Dear Members, Colleagues and Friends,
As you may have read in a notice circulated on Friday afternoon, I am writing to let you know that I have decided to resign as executive director of the American Securitization Forum, effective [Dec. 16].
This decision is based on a number of factors, but ultimately reflects my desire to pursue certain other interests at this stage in my career, as briefly outlined below. I intend to remain connected to the securitization business, albeit not in an industry association capacity.
I leave with a number of strong convictions and emotions. Among others, these include an unwavering belief in the value and critical necessity of well-functioning securitization markets to our economy and society. They include the respect and gratitude I have for the countless individuals throughout this industry that I have been honored to serve, and with whom I have been privileged to collaborate, during my tenure. Your involvement and support, particularly among those in leadership roles who have devoted considerable time, energy and intellect to advancing the collective interests of the industry, has been invaluable. They include the great pride that I have in the organization that we worked together to build, and the substantial accomplishments that we achieved. And finally, they include deep appreciation for the opportunity that I have had to work with remarkably capable and dedicated staff colleagues, who equally deserve any credit that is due for our collective achievements. There are far too many individuals in each of these categories to attempt to identify any of them by name in this brief note, so please forgive me for not doing so. However, I want to thank each of you for making my experience here as rich and rewarding as it truly has been, and to wish you well.
As mentioned above, I do intend to remain connected to the securitization business, for the time being in an individual advisory and consulting capacity. I hope and expect that our paths will cross in the future and that we will have the opportunity to remain in contact. Until December 16th you can reach me at ASF; and otherwise at email@example.com.
With gratitude and best regards,