Asset management firm Resource America has promoted Thomas C. Elliott, senior vice president of finance and operations for the company, to the additional position of chief financial officer.

He replaces Steven J. Kessler, chief financial officer of the company since 1997, who has retired from that position and assumed the role of chairman of Resource Capital, a real estate investment trust sponsored and externally managed by the company.

Jonathan Cohen, president and chief executive of Resource America, says: "Tom Elliott has been an invaluable member of our senior management team for many years and is the perfect person to become our chief financial officer. We are excited about Tom's new role and look forward to his continued leadership in our company's future."

Prior to becoming senior vice president in 2005, Elliott was a vice president of finance at the company from 2001 to 2005. He also served as chief financial officer of Resource Capital from September 2005 until June 2006.

From 1997 to 2001, Elliott held various financial positions at Fidelity Leasing, a former subsidiary of Resource America, including manager of financial planning, director of asset securitization and treasurer.