James W. Lokey knew he was going to be under the gun when he became chief executive officer of Downey Financial Corp.

In early 1997, the career commercial banker became the fifth CEO hired in six years by Maurice L. McAlister, the Southern California thrift's chairman.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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