Trump confidant Barrack takes CEO job at Colony Capital

Thomas Barrack, a confidant of President Donald Trump, is taking over as chief executive of Colony Capital, returning to the post he held before the real estate investment trust went public four years ago.

Colony Capital said Wednesday that Barrack, who chaired Trump's presidential inaugural committee, will remain executive chairman while he serves as CEO. He replaces Richard Saltzman, who has resigned.

The executive shuffle ends Saltzman's tenure as CEO, which began following Colony's 2014 merger with Colony Financial.

Colony also says it will cut between $50 million and $55 million in annual general and administrative costs over the next 12 to 18 months.

Shares in the Los Angeles company climbed 4.6 percent to $6.05 in late trading Wednesday. The stock is down 47 percent this year.