SAN RAMON, Calif. FiNet Inc. announced late Friday that Rick Cossano, its chief executive officer, had resigned.
Mr. Cossano, who joined the company in January 2000 after 12 years with Countrywide Credit Industries Inc., said in a prepared statement that his personal interests and the future of FiNet will be enhanced by this decision.
FiNet announced that it was restructuring its business to reduce dependence on the wholesale mortgage banking business, reduce operating expenses, and evaluate higher-margin business opportunities. Mr. Cossano said the strategic repositioning had encouraged him to explore other business opportunities within the mortgage industry.
Dan Rawitch, vice chairman and former chief executive, has become interim CEO during the restructuring.
FiNets stock fell 20% early Tuesday, the first day of trading since the announcement, to $1. FiNet made a one-for-12 reverse stock split in late February after shares traded below $1 for almost six months and the company faced delisting from the Nasdaq stock exchange.