Hughes will succeed Peter McNierney, who has served as the company’s interim CEO since October 2010.
McNierney will remain in the CEO post until Hughes’ assumption of the office and thereafter intends to resign from the company.
Hughes brings more than 25 years of experience working in investment banking, asset management, and real estate finance businesses.
Most recently, Hughes was chairman and CEO of LNR Property, a diversified commercial real estate finance company. Prior to that, he served as CEO of Global Deutsche Asset Management. He was also a member of the Deutsche Bank group executive committee, with the responsibility of the strategic direction and operations of the bank.
Prior to Deutsche Bank, he held a number of senior positions with Merrill Lynch. He began his career at Merrill Lynch in 1984 as a mortgage backed securities trader and was later named head of MBS Trading in 1987, where he rebuilt and expanded the mortgage department.
