xplair Technology, a portfolio-management software developer based in San Diego, appointed John Madrid chief executive. In the new position, Madrid will oversee the day-to-day operations of the company, but also focus on the technological development of its primary commercial product -- the illumair management system for performing and nonperforming whole loans and real estate assets. Madrid joins xplair from Vericrest Financial, which services residential and commercial mortgages. He was chief information officer there, overlooking the application development and IT infrastructure. He was also the director of information technology at Accredited Home Lenders, which offered subprime mortgage products for wholesale brokers. The company filed for Chapter 11 bankruptcy in May 2009. xplair was founded in April 2009, and Madrid said he is impressed with what the company has been able to do in a short amount of time. It launched a portfolio management software in August 2009 and added an REO module in October. "We are very pleased to welcome John to the xplair team and look forward to his contributions as chief executive officer," Louis Amaya, president of xplair, said. "As a proven leader in IT solutions, he brings with him an established track record of success in delivering innovative and reliable technology platforms and solutions to meet the servicing industry’s increasingly complex business needs." Write to Jon Prior.