ARLINGTON, Va., Jan. 12, 2016 /PRNewswire-USNewswire/ -- Capital Impact Partners today announced that Terry Simonette will retire after nearly three decades of serving as the organization's president and chief executive officer. Ellis Carr, current chief financial officer, has been named as Mr. Simonette's replacement beginning in the spring of 2016.
"It has been an honor and a privilege to lead this organization for 22 years," said Terry Simonette, president and CEO of Capital Impact Partners. "Since our inception Capital Impact has originated $2 billion in loans to partners serving the needs of low- and moderate-income communities. We've had a profound impact on the policy and practice of community development finance and social enterprise development in this country."
Terry Simonette has spent his entire career focused on community and economic development. He joined Capital Impact Partners at its inception in 1984 when it was affiliated with the National Cooperative Bank, and has served as the president and CEO since 1994.
"The launch of our new five-year strategy presented the perfect moment for me to retire, and I could not be happier that Ellis has accepted the position. Under his leadership, Capital Impact is poised to create even greater impact for underserved people and communities than ever before," continued Mr. Simonette.
"I'm humbled at the confidence of our board in choosing me to lead this great organization," said Ellis Carr, chief financial officer. "Terry has set me up well, ensuring that I am surrounded by a team of dedicated, professional, and passionate individuals. With them, I am excited about what we can achieve as we implement our new strategy."
Mr. Carr has nearly 20 years of experience in financial services and mortgage sectors working both domestically and abroad. Before joining Capital Impact in 2012, he spent ten years at Freddie Mac serving in a variety of capacities in investments and capital markets, corporate finance, financial transformation, and the business unit CFO area. Prior to Freddie Mac, he worked domestically and abroad in the fixed income asset management area for Deutsche Bank.
Mr. Simonette plans to formally step down from his position in May, 2016. During that time, Mr. Carr will work with board, management team, and staff to gradually assume full leadership responsibilities. A formal process will begin immediately to name a new chief financial officer.
About Capital Impact Partners: Capital Impact Partners delivers strategic financing, incubates new social programs, and provides capacity-building to help ensure that low-to-moderate-income individuals have access to quality health care and education, healthy foods, affordable housing, and the ability to age with dignity. A nonprofit community development financial institution Capital Impact Partners operates nationally, with local offices in Detroit, Mich., and Oakland, Calif.
SOURCE Capital Impact Partners