Struggling Fremont General Corp. said Wednesday that it has replaced five members of its board of directors as it continues its management overhaul following the collapse of the subprime lending market last year.

Chief Administrative Officer Richard Sanchez will join the board, along with new independent directors John Loring, Barney Northcote, Marck Schaffer and Robert Shackleton. The independent directors will have a majority of board seats.

Remaining on the board will be Chairman and Chief Executive Stephen Gordon, and Vice Chairman and President David S. DePillo. Gordon, DePillo and Sanchez all joined the company last year from Commercial Capital Bancorp, where Gordon was co-founder.

Leaving the board are former longtime Chief Executive James McIntyre and independent directors Thomas Hayes, Robert Lewis, Russell Mayerfield and Dickinson Ross.

The overhaul comes as Fremont tries to regain traction following the collapse of the nation’s subprime lending market. Fremont shuttered its mortgage business and sold its commercial real estate business last year in an effort to stay solvent. The company still operates 22 retail bank branches in the state and has about $9 billion in assets.

Loring, 63, is chairman of investment firm NewAX Inc.; Northcote, 66, was a director at Commercial Capital Bancorp; Shaffer, 66, is managing director at Shamrock Capital Advisors Inc.’s real estate division; and Shackleton, 71, was a director at Commercial Capital.

Shares in Fremont shed 5.7 percent to $2.84 in afternoon trading Wednesday on the New York Stock Exchange.