Uncategorized
H&R Block CEO Departs Amid Subprime Criticism
By: PAUL JACKSON
November 20, 2007
Less than three weeks after the departure of its CFO, H&R Block, Inc. said this morning that CEO Mark Ernst has resigned as the company looks to restructure amid mounting losses from its subprime lending unit Option One Mortgage Corporation.
Here is the full press statement.
H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company.
He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board.
Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement.
H&R Block shares slipped 10 cents to $18.97 in morning trading.
The tax preparer has seen its proposed sale of Option One cast into doubt as the mortgage industry has continued to slip further into the doldrums.
recent stories by department
Origination/Lending
Secondary Market/Investors
Get your HW Fix
Join more than 3,000 bold subscribers who already get HW's daily email delivered to their inbox -- it's free, and a great way to ensure you don't miss something.
Events
2008 Sep 10 -- 2008 Sep 12
USFN Fall Default Servicing Seminar
Well-attended twice-yearly event series for servicers; closed event for USFN members and invited servicers only.
2008 Sep 17 -- 2008 Sep 20
Five Star Conference
Default and REO industry conference, hosted by trade publication DS News. Heavily attended by REO agents.
2008 Sep 23 -- 2008 Sep 24
NREDC's 10th Annual FHA Mortgagees Conference
NREDC brings together the best and the brightest speakers and participants for an exciting creative synergy independent of any trade association.
2008 Oct 19 -- 2008 Oct 22
MBA Annual Convention & Expo
The annual conference for MBA members and affiliates, and the largest industry event each year.
