Source AP ©

H&R Block Chairman resigns

H&R Block Inc.’s chairman, president and chief executive Mark Ernst had resigned.

The departure comes as H&R Block has been hurt by rising loan defaults at its subprime mortgage lending unit, Option One Mortgage Corp. Subprime loans are made to customers with poor credit histories.

Ernst will be replaced as chairman by Richard Breeden, a former chairman of the Securities and Exchange Commission who now heads a fund that is a major investor in H&R Block. Breeden, who was appointed to the board in September, will serve in a nonexecutive capacity.

Alan Bennett, a former chief financial officer at the insurer Aetna Inc., was named interim CEO. Bennett had retired earlier this year from Aetna Inc. Bennett will serve as CEO until a permanent replacement can be found, though he said he does not want to be considered for the permanent job.

H&R Block has formed a search committee to find a new CEO.

Comments
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
The Royal Wedding and the Silly Season
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Kremlin on failed nuclear missile tests: 'Listen to President Putin and believe him!'
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Science Has Once Again Declared: ‘We Were Created’
Russian air defences ready to shoot down NATO drones and reconnaissance aircraft over Crimea
Iran's next moves on nuclear deal much more important - Kremlin
Venezuela may expect another Panama scenario from 1989
Venezuela may expect another Panama scenario from 1989
Venezuela may expect another Panama scenario from 1989
Venezuela may expect another Panama scenario from 1989
Venezuela may expect another Panama scenario from 1989
Iran's next moves on nuclear deal much more important - Kremlin
Venezuela may expect another Panama scenario from 1989
Venezuela may expect another Panama scenario from 1989
World's most beautiful man lives in Ukraine
Why Putin should say nothing when USA and Germany fight over Russian natural gas
Iran's next moves on nuclear deal much more important - Kremlin
Iran's next moves on nuclear deal much more important - Kremlin
Why Putin should say nothing when USA and Germany fight over Russian natural gas