Wilbur Ross, the high-risk turnaround exec famous for charging into metaphoric burning buildings of European financial institutions, is leaving Ocwen Financial (OCN) and several other companies where he serves as a director.

Ross, chairman and chief strategy officer of WL Ross & Co., will be assuming the role of vice chairman of the troubled Bank of Cyprus, serving under the bank's newly elected chairman, Josef Ackermann, formerly CEO of Deutsche Bank.

"I am delighted to help Chairman Ackermann and President and CEO John Hourican revitalize this institution," Ross said.

EU rules limit directorships of bank officers, requiring that he resign from several other Boards of Directors, including Assured Guaranty Ltd., International Automotive Components Group, International Textile Group, NBNK Ltd., Navigator Holdings Ltd. and Talmer Bancorp Inc.

Ross, a distressed asset investor, has been involved in a number of high-dollar real estate deals and company restructurings over the past decade. In October 2012, Ocwen bought Homeward Residential from WL Ross & Co for $750 million.