The global head of the commercial mortgage-backed securities division at Bank of America (BAC) has left the company to join Ladder Capital Finance Holdings as its president.

The New York commercial real estate finance company said Michael Mazzei takes the place of co-founder Greta Guggenheim, who will now serve as chief investment officer.

Before his time at Bank of America, Mazzei previously worked as head of CMBS at Barclays Capital (BCS) and Lehman Brothers, as well chief executive of the collapsed firm’s reinsurance division.

Ladder had $2.6 billion worth of assets and $1 billion of equity as Dec. 31.

— Andrew Scoggin