Marc Turtletaub, chief executive officer of First Union Corp.'s Money Store unit, retired last week, the bank confirmed Monday.

Mr. Turtletaub, 53, left the subprime lending specialist because it is a "good time for him to pursue other opportunities," a First Union spokesman said. At Mr. Turtletaub's request, the company did not release a formal statement. It was first reported in The Sacramento Bee.

First Union purchased Money Store Inc. in 1997 for $2.1 billion, and has since fired 750 of the unit's employees.

Mr. Turtletaub, the son of Money Store founder Alan Turtletaub, will be replaced by William Templeton, president of the unit.

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