After guiding the company through the subprime storm of the century, Accredited Home Lenders Holding Co. announced its co-founder will step down.
James A. Konrath has retired as chairman and chief executive officer of the San Diego-based company, "effective immediately," according to an announcement today.
Replacing Konrath, who reportedly co-founded the company in 1990, will be Jim Moran, Accredited said. Moran, who was named to the post on an interim basis, is currently the managing director of Hudson Advisor, an affiliate of Lone Star Funds.
Lone Star acquired the troubled subprime lender in October, following some legal maneuvering by Accredited as Lone Star attempted to back out of the deal after Accredited halted new business in August as it shut down retail operations and dramatically scaled back wholesale lending.
Accredited has since attempted to revive its wholesale operations with limited offerings of subprime and Alt-A programs.
In today's announcement, Accredited President Joseph Lydon called Konrath "a visionary for the company and the industry, a mentor to many of us throughout Accredited, and a trusted friend."