The board of directors of the European Securitization Forum (ESF) has elected Steve White as its chairman for 2008. White is co-head of European securitization for Morgan Stanley in London. "We are very pleased that Steve will lead the association at such a crucial time in the structured credit market," Rick Watson, managing director of the ESF said. "The association's work plan and focus is on restoring normal liquid market conditions. Steve's demonstrated experience in the European capital markets as well as his extensive network of investor relationships will be key to spearheading the initiatives that the industry is currently undertaking to improve transparency and restore investor confidence." Robert Palache had previously been elected to chair the ESF for 2008 last December. Palache was managing director and the head of European securitization and asset monetization group for Morgan Stanley in London but resigned from the bank earlier this year.