John Vella has been named president and chief executive officer of EMC Mortgage Corp., Lewisville, Texas, a wholly owned subsidiary of The Bear Stearns Cos.Mr. Vella, who joined EMC as president and chief operating officer in March 2006, replaces former chairman and CEO Ralene Ruyle, who announced her retirement in December. (Ms. Ruyle will officially retire at the end of May.) Before joining EMC, Mr. Vella served as the president and COO of Aames Investment Corp., chief sales officer and chief administrative officer of Option One Mortgage Corp., and managing director of GMAC/RFC. He also held executive posts at Freddie Mac, the Federal Deposit Insurance Corp., and the Federal Savings and Loan Insurance Corp. EMC can be found online at http://www.emcmortgagecorp.com.

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