Fremont General Corp. said Tuesday that it has appointed Alan Faigin as interim president and chief executive of its industrial bank unit Fremont Investment & Loan.

Faigin, the company’s secretary, general counsel and chief legal officer, will serve in the interim positions until he is succeeded by Carl Webb, who will take over after regulatory approval is given of a proposed minority investment in Fremont by Texas billionaire Gerald Ford.

In May, Ford and his company, iStar Financial Inc., led an investor group that bought Fremont’s commercial real estate lending arm along with its commercial real estate loan portfolio for $1.9 billion.

Fremont, which was a leading subprime lender, has sold more than $7 billion in assets this year. It announced back in March that after it divests from its troubled subprime mortgage businesses it will continue to lend money through its profitable commercial mortgage lending arm and continue to operate its more than 20 retail banking branches in the state.

Shares in Fremont were up 36 cents, or 3.4 percent, to $11.48 in afternoon trading Tuesday on the New York Stock Exchange. Since hitting a 52-week low on April 4, shares in Fremont have gained more than 106 percent.