James W. Lokey has become the latest in a string of Downey Financial Corp. chief executive officers to be shown the door.

Mr. Lokey resigned, succeeded by chief operating officer Daniel D. Rosenthal, the Southern California thrift said late Friday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.