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Executives Out

Recent executive activity at mortgage-related firms

January 19, 2009

By MortgageDaily.com staff

The chiefs of four institutions are exiting their jobs. In other executive news, the death of one of New Century Financial Corp.'s founders marks the second recent passing of an executive who helped shape subprime mortgage lending.

Randall S. Kroszner will resign his membership on the Federal Reserve's Board of Governors on Jan. 21, a copy of a letter to President Bush last week said. He was appointed to the spot by Bush on March 1, 2006.

"Randy's contributions to the Federal Reserve and his country during his nearly three years at the board have been invaluable," Federal Reserve Chairman Ben S. Bernanke said in a statement. "We have greatly benefited from the intellectual rigor he brought to the consideration of both monetary and regulatory policy."

Kroszner will assume a new professorship at the Booth School of Business at the University of Chicago.

Huntington Bancshares Inc. said Thursday that it named Stephen D. Steinour chairman, president and chief executive officer. He replaces Thomas E. Hoaglin.

Steinour's 29-year banking career included a stint at the Federal Deposit Insurance Corporation. While at Royal Bank of Scotland Group subsidiary Citizens Financial Group, he was credited with growing it from $3 billion to more than $160 billion.

Richard I. Linhart resigned as chairman, president and CEO of Millennium Bankshares Corp. on Jan. 1 for personal reasons, an announcement Wednesday said. The retirement is effective on Jan. 31.

Replacing Linhart as interim president and CEO will be John F. Novak, Millennium said. Novak is currently chief operating officer of the Reston, Va.-based institution. Attorney Grayson P. Hanes has been appointed chairman.

Capitol Federal Financial President and CEO John B. Dicus will replace his father, John C. Dicus, as chairman of the Topeka, Kan.-based company. The senior Dicus has been chairman of the 669-employee bank holding company since it launched in 1999.

Former Mortgage Bankers Association president and CEO Jonathan L. Kempner has joined the board of directors of real estate investment firm Behringer Harvard Multifamily REIT I Inc., a press release last week said. Kempner worked with MBA for seven years.

Edward Gotschall -- co-founder, director and former chief financial officer of New Century -- died of natural causes on Jan. 8 at the age of 53, the Los Angeles Times reported. The formerly high-flying subprime lender stopped accepting new business in March 2007 then subsequently filed for bankruptcy and closed down.

Gotschall was under federal investigation over the sale of $27 million in stock prior to the company's collapse.

In March, Roland Arnall -- who founded Ameriquest Mortgage Co. in 1979 -- died of cancer. At its peak, the Orange, Calif.-based lender was among the biggest subprime mortgage lenders in the country -- with New Century closely behind.

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