In Brief: Money Store CEO, Son of Founder, Retires

Marc Turtletaub, chief executive officer of First Union Corp.'s Money Store unit, retired last week, the bank confirmed Monday.

Mr. Turtletaub, 53, left the subprime lending specialist because it is a "good time for him to pursue other opportunities," a First Union spokesman said. At Mr. Turtletaub's request, the company did not release a formal statement. It was first reported in The Sacramento Bee.

First Union purchased Money Store Inc. in 1997 for $2.1 billion, and has since fired 750 of the unit's employees.

Mr. Turtletaub, the son of Money Store founder Alan Turtletaub, will be replaced by William Templeton, president of the unit.

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