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Several Entities Make Changes at the Top

Recent executive activity at financial firms

January 12, 2009

By MortgageDaily.com staff


Chairmen at two financial institutions were recently replaced, while new chief executives were named at three firms. Even regulators and government-sponsored enterprises saw changes at the top.

J. Ezra Merkin resigned as chairman of GMAC Financial Services last Friday, according to a filing with the Securities and Exchange Commission. Merkin has been under scrutiny after he disclosed that funds he manages lost $2.4 billion in Bernard L. Madoff's massive Ponzi scheme.

Lenard Tessler, who is managing director and co-head of private equity at GMAC majority shareholder Cerberus Capital Management L.P., will replace Merkin during the short transition period to the new board.

GMAC also said it will reconstitute its board of directors as part of the conditions it agreed to when it became a bank-holding company. That move, which will include the appointment of two directors by a trust to be formed by U.S. Department of the Treasury, will be completed by March 24.

Kelly S. King has assumed the role of chief executive officer at BB&T Corp. -- the 14th biggest financial holding company in the country, an announcement earlier this month said. He replaces John Allison, who retired on Dec. 31.

King, 60, began his BB&T career in 1972 and most recently served four as chief operating officer. He said he embraces the challenge of running a bank in one of the toughest years for banking since the 1930s and warned that problems are still mounting in the residential lending industry.

Ronald A. Rosenfeld has resigned as chairman of the Federal Housing Finance Board -- which was merged into the Federal Housing Finance Agency, a statement last week said. Rosenfeld, who was appointed to the position by President George W. Bush on Dec. 14, 2004, served as the president of Ginnie Mae before becoming the regulator of the Federal Home Loan Banks.

photo of Kelly King
BB&T photo of Kelly King

Michael A. Jessee will retire from his position as president and CEO of the Federal Home Loan Bank of Boston, a press release Thursday said. In addition, the GSE's board of directors has elected Jan A. Miller its chairman. Miller is president and CEO at Wainwright Bank & Trust Co.

Sandy Spring Bancorp Inc. promoted Daniel J. Schrider to CEO and president on Jan. 1, a press release this month said. He joined Sandy Spring 20 years ago. Schrider, 44, replaced Hunter R. Hollar, who remains as chairman of the $3.2 billion Olney, Md.-based institution.

Sterling Savings Bank CEO Heidi B. Stanley was elected chairman of the Spokane, Wash.-based firm, a statement Thursday said. Sanley, a 23-year Sterling veteran, succeeds co-founder William W. Zuppe, who will remain as a director.

Sterling, the parent of INTERVEST Mortgage Investment Co., also promoted Greg Seibly to president. Seibly came to Sterling in 2007 from his job as president of U.S. Bank-California.

David H. Chafey Jr. was named president and chief operating officer of Popular Inc., an announcement today said. He will oversee the business operations of Banco Popular North America, which is being integrated with Banco Popular of Puerto Rico.

Several NovaStar Financial Inc. executives abandoned their employment contracts with the struggling company on Jan. 1 and now operate NovaStar through newly formed Credentia Group LLC, an SEC filing said. Credentia will earn $45,000 monthly for the management contract, which runs through Dec. 31, 2009.

NovaStar President and CEO W. Lance Anderson terminated his employment agreement dated Sept. 30, 1996, and he will continue in position on an at-will basis.

photo of Paul Yang
Premier photo
of Paul Yang

Paul Yang was president and CEO of Premier Community Credit Union, a newsletter indicated. Yang's prior employers include other credit unions and a financial firm.

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