In addition, Dain Ehring, a Dorado founder, has been appointed CEO; Joseph Jennings, the former Dorado chief operating officer, has been promoted to president; and Erwin Lenowitz, a Dorado board member and investor, has been elected chairman of the board. Thomas Lounibos, who joined Dorado from CrossPoint Venture Partners to make Dorado a multi-market, financial services software company, has resigned as president and CEO, and will remain a member of the Board.
The company has had a string of successes in the mortgage industry, said Erwin Lenowitz. The management team and the Board of Directors feel it is important to focus on the mortgage industry to enable greater growth in the future. We all would like to thank Tom Lounibos for his contributions to Dorado, Lenowitz continued. And we look forward to his continuing contribution as a Board member.
In a related announcement, the company has promoted Hassan Rashid to senior vice president of business development. Rashid, a former Homestore and Freddie Mac executive, is responsible for strategic business relationships within the mortgage industry.