Signature Group Holdings Inc. on Friday said that Craig Noell has resigned as chief executive and Chairman Chris Colville will take his place.
The Sherman Oaks finance company, the successor to failed subprime lender Fremont General Corp., did not provide a reason for Noell’s departure but said Colville has the skills needed to execute the company’s growth strategies, in particular “meaningful acquisitions.” Colville became chairman in August.
Fremont emerged from Chapter 11 reorganization and renamed itself Signature after Noell and his partners struck a deal with investors and creditors. It has since struggled to attract investor interest. It acquires sub-performing and nonperforming commercial and industrial loans, leases, and mortgage. It also owns a company that supplies commercial, industrial, and residential circuit breakers.
“With a background that includes over 100 transactions, as well as financings to support mergers and acquisitions and other corporate activities, the board is highly confident about Signature’s future under Chris’ direction,” Director Philip Tinkler said in a statement.
Shares closed down 6 cents, or 10 percent, to 56 cents on the OTC Markets.