Aames Restructures as Prez Resigns

Aames Investment Corp., a Los Angeles-based mortgage real estate investment trust, has announced the resignation of its president and chief operating officer, John Vella, as part of a management restructuring that consolidates its retail and wholesale channels.Aames said Mr. Vella left "to pursue other opportunities" and will be replaced by Michael Matthews as chief production officer and James Fullen as executive vice president and COO for retail and wholesale. Mr. Matthews is currently EVP of national retail and marketing, and Mr. Fullen is senior vice president and head of the REIT's retail operations and settlement services. As part of the restructuring, Aames said it also eliminated an unspecified number of "corporate overhead positions" in its loan production operations. A. Jay Meyerson, chairman and chief executive officer of Aames, said the new consolidated structure is "a natural result of the continued refinement of our loan production operations" that will create greater efficiency and enhance service levels. Aames can be found on the Web at http://www.aames.com.