Doral Names New Prez/COO

Glen Wakeman, a 20-year veteran of General Electric Co., has been named president and chief operating officer of Doral Financial Corp., San Juan, the largest residential mortgage lender in Puerto Rico.In addition, Mr. Wakeman will become Doral's chief executive officer and a member of its board after the filing of Doral's 2005 annual report, which the company said is expected "as soon as practicable." Doral, the parent company of Doral Bank and several other financial services companies, completed a restatement of earnings in February for the years 2000 through 2004 that reduced its retained earnings by $694.4 million. Doral concluded at the time that its internal control over financial reporting "was not effective" as of Dec. 31, 2004, and that it had "identified a number of material weaknesses, including but not limited to an ineffective control environment." Last August, Doral announced the termination of its chief financial officer and the resignation of several senior executives in connection with the restatement.