LOS ANGELES - Richard M. Greenwood, chief financial officer of struggling CalFed Inc., has resigned to take over as chef executive to officer of Citadel Holding Corp. and of its thrift unit.

The 45-year-old executive said he accepted the new assignment because "it is a great opportunity for a CFO to come to a place to implement his own strategy."

He emphasized that his leaving CalFed had nothing to do with the ailing thrift's loan problems.

Walbrecher Departs

Mr. Greenwood replaces William C. Walbrecher, who had been chief executive since November 1989.

Citadel announced last week that Mr. Walbrecher had been relieved of his duties but declined to elaborate.

Glendale-based Citadel is the parent of Fidelity Federal Bank, a $5 billion-asset thrift with 43 branches throughout Southern California.

Although the thrift is healthy and meets all regulatory requirements, it is suffering with increases in problem loans. As of March 31, non-performing assets reached $177.6 million of 3.53% of total assets.

Extensive Background

Mr. Greenwood had been CFO at CalFed since March 1990. Before that, he was executive vice president and CFO at Valley National Corp., Phoenix. Earlier, he spent 10 years at Citicorp.

Citadel would not disclose his salary, but Mr. Walbrecher was paid $362,800 last year. Mr. Greenwood made $278,025 at CalFed last year.

CalFed has not yet named a successor to Mr. Greenwood, a spokesman said.

Mr. Greenwood will be president of Citadel, chairman of Fidelity, and chief executive of both companies.

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