National City Corp. hired James J. LeKachman on Thursday to head up the liquidation of remaining assets from businesses the Cleveland company has exited to distance itself from mortgage-related losses.
Mr. LeKachman will join Nat City next month as an executive vice president. He will report directly to Peter E. Raskind, its chief executive, and will oversee day-to-day management of its $20 billion of liquidating portfolios.
The new executive's duties will include "expanding the team devoted to that effort and helping to drive the review and execution of appropriate asset disposition opportunities," Nat City said.
The liquidating portfolios include loans that remain from last year's sale of the subprime mortgage lending unit First Franklin Financial Corp., broker-originated national home equity portfolios, construction loans originated by National City Mortgage, and indirect automotive and recreation finance assets.
Mr. LeKachman most recently was the head of global risk analytics at General Electric Co.'s GE Money.