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Executives In, Executives Out

Recent financial executive activity

June 23, 2009

By SAM GARCIA


Much of the recent executive activity tied to financial services has occurred at the federal government -- though at least three private firms and one trade group announced changes at the top.

Kenneth Ganiel was hired as chief financial officer of specialty mortgage servicer Marix Servicing LCC, a June 17 news release indicated. Ganiel comes from the consumer mortgage lending division of HSBC Finance Corp. -- which shut down in March. He previously worked at Citigroup and has spent 25 years in finance and accounting.

Fannie Mae president and chief executive officer Herbert M. Allison Jr. was confirmed by the U.S. Senate on Friday as the Department of the Treasury's Assistant Secretary for Financial Stability, a Treasury statement said. In his new role, Allison will oversee the $700 billion Troubled Asset Relief Program and coordinate Treasury's policies on legislative and regulatory issues affecting financial stability.

Before his stint at Fannie, Allison was chairman, president and CEO of TIAA-CREF. He also was previously president, chief operating officer and a director at Merrill Lynch.

The director of the Federal Reserve Board's Division of Banking Supervision and Regulation, Roger T. Cole, will retire on Aug. 1. Coal served with the board for 30 years.

"The Federal Reserve has benefited from Roger's expertise on risk-management practices, international banking standards and other important issues throughout his long career," Federal Reserve Board Chairman Ben S. Bernanke said in the statement this month.

Over at the Office of Thrift Supervision -- which is on the chopping block by the Obama administration -- Scott M. Polakoff announced Friday his intent to retire on July 3. Polakoff started with the OTS in 2005 and has been in government service for 26 years -- including 22 years with the Federal Deposit Insurance Corporation.

Polakoff admitted in congressional testimony that the OTS was asleep at the wheel in its role as lead regulator for American International Group Inc. His retirement follows a forced leave of absence while the Treasury investigated OTS complacency during August 2008 in the backdating of capital contributions.

Patrick C. Sargent will replace Christopher Hoeffel as president of the Commercial Mortgage Securities Association, a June 9 statement said. Sargent's term begins this month and ends in 12 months. The trade group called Sargent "one of the industry's most experienced, committed and respected leaders in commercial mortgage finance."

First California Financial Group Inc. said in a press release last week that William Schack was promoted to chief credit officer and senior vice president, credit administration. Schack, 47, has been with the Westlake Village, Calif.-based firm since 2005 and previously worked at the Office of Thrift Supervision and several banks.

Cantor Fitzgerald & Co. announced earlier this month the addition of George Goncalves as a managing director and head of fixed-income rates strategy.


Sam Garcia worked in mortgage lending for twenty years prior to becoming publisher of MortgageDaily.com in 2000.

e-mail: [email protected]


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