Downey CEO Leaves After 7 Months

Published August 27, 2004, 2:00 p.m. EDT

1 Min Read

Downey Financial Corp. president and chief executive Marangal Domingo resigned from the California-based thrift late Thursday after just seven months on the job.The company said in a statement that Mr. Domingo "has decided to pursue other interests." Company chief financial officer Tom Prince said Mr. Domingo's last official day on the job is Aug. 31, but noted that the CEO is currently on vacation. Mr. Prince declined further comment. Daniel D. Rosenthal, who served as Downey's president and CEO from late 1998 until Mr. Domingo became CEO in February of this year, was immediately reinstated in his old job. Since February Mr. Rosenthal has served as a director of Downey and managed its real estate investment business. According to the Quarterly Data Report, Downey is the nation's 42nd-largest residential funder.

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