Luminent Mortgage Capital Inc., a Philadelphia firm that invests in residential mortgage securities, named one of its directors, Zachary H. Pashel, president and chief executive officer.

Pashel replaced S. Trezevant Moore Jr., who resigned May 9 to accept a different job, according to a regulatory filing Thursday.

Pashel joined the Luminent board in September.

Before becoming president of Luminent, he was executive vice president and head of structured finance at the Chotin Group Corp. of Denver.

At Chotin, Pashel oversaw $6 billion in assets, primarily residential mortgage securities and collateralized debt obligations.

Luminent, which nearly went out of business last year amidst the credit crisis, is in the process of converting from a real estate investmeng trust to a publicly traded partnership.