MANHATTAN BEACH, Calif. – Kinecta FCU said last week its president, Simone Lagomarsino has resigned after the credit union reported huge losses.
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The move comes as the one-time $4.4 billion credit union reported a $54.7 million loss for 2008 and a $63.1 million loss for the first three quarters of 2009.
Lagomarsino’s three-and-a-half years at the credit union, known until 2001 as Hughes Aircraft Employees FCU, may best be remembered for their 2007 acquisition of Nix Check Cashing, Los Angeles’ largest chain of check cashing outlets, which allowed Kinecta to add an unprecedented five million Angelenos to its field of membership.
The Kinecta board has begun an executive search to succeed Lagomarsino, who will stay on until year-end.
