New Century Names Morrice CEO

New Century Financial Corp., an Irvine, Calif.-based real estate investment trust, has announced that its vice chairman, president, and chief operating officer, Brad A. Morrice, will become chief executive officer as of July 1.Mr. Morrice will succeed Robert K. Cole, who will remain as New Century's executive chairman. The announcement came in conjunction with the company's earnings report for the fourth quarter and 2005, in which New Century reported net earnings available to common stockholders of $411.1 million ($7.17 per share) for the year, compared with $375.6 million ($8.29 per share) in 2004. Mortgage loan originations totaled $56.1 million, up from $42.2 billion in 2004. For the fourth quarter, the company reported net earnings available to common stockholders of $114.0 million ($2.00 per share), compared with $78.7 million ($1.44 per share) in the fourth quarter of 2004. New Century can be found online at http://www.ncen.com.