SMYRNA, Ga. -- Bruce R. Diaddigo has announced his resignation as president and chief executive of Paragon Mortgage Corp., effective June 10o

Mr. Diaddigo said he would reassume the post of executive vice president and continue as a member of the board.

"My decision to step down resulted from a disagreement with a segment of the board concerning who should be responsible for the day-to-day management and decision-making at Paragon," Mr. Diaddigo said.

In Firm's 'Best Interest'

"I have determined that while continuing my role as a senior officer and director Of the company, resigning my current duties as president and CEO would be in the best interest... of Paragon," he added.

Mr. Diaddigo became president and CEO of Paragon on Dec. 20, 1993, after Lynn K. Ross resigned as president and chief operating officer following a dispute.

At that time, board chairman W. Gene Ross - Lynn Ross' brother - also resigned, and outside director M. Leon Jensen was elected chairman.

W. Gene Ross later joined Farragut Mortgage Co. of Mansfield, Mass., after exchanging $300,000 of Paragon stock for about $500,000 of Farragut shares. Farragut has had earnings problems, and its shares have been suspended from the American Stock Exchange.

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