Two senior executives at home mortgage companies are leaving their posts, now that their tasks of integration are complete.
S.A. Ibrahim, chief operating officer of Chemical Residential Mortgage Corp., is resigning, as is Raymond Crebs, who joined Norwest Mortgage Inc. when it purchased his former employer, Directors Mortgage Loan Corp.
Mr. Ibrahim, who plans to leave Chemical around the end of September, decided last April that he would move on after the completion of Chemical's acquisition of Margaretten & Co., Perth Amboy, N.J. At the time, an internal announcement was made by David Frank, Chemical Mortgage's chief executive, who has since resigned.
"I promised I would watch the integration and then move on to different challenges," Mr. Ibrahim said in an interview.
He said the integration was almost complete and he would stay to manage the final pieces of the transition, such as absorbing the last part of Margaretten's servicing portfolio.
Assuming a new role at Chemical Banking Corp. is not out of the question, Mr. Ibrahim said. He is interested in staying in the world of financial services, possibly in credit cards, the mortgage industry, or another aspect of consumer banking, he said. He is also considering international banking, particularly in the Pacific Rim.
Mr. Ibrahim was named chief executive and managing director responsible for Chemical's mortgage business in 1992, and planned to acquire a company, such as Margaretten, to expand Chemical's presence in the home mortgage industry, he said.
At the time of the acquisition, Chemical wanted Felix Beck, chairman of Margaretten and widely recognized as an industry leader, to head the new operation. However, he only wanted to stay a short time, so his No. 2, Mr. Frank, was named as his successor.
Mr. Ibrahim said that Chemical had started to look for a replacement for him, but since Mr. Frank left Chemical, finding a new chief executive has taken priority.
Like Mr. Ibrahim's decision to leave once his task is finished, Mr. Crebs' resignation comes near the completion of Norwest's integration of Directors' operations. He was chairman of Directors, and stayed on at Norwest after the acquisition last November as an executive vice president and national production manager for the Southwest.
An internal announcement made July 27 said Mr. Crebs was leaving "to pursue other interests." The announcement said that Mr. Crebs would continue to work at Norwest as a consultant to assist with the integration of Directors into Norwest.
Before the acquisition, Directors, which was based in Riverside, Calif., was the largest privately held mortgage bank.
A Norwest spokeswoman said Mr. Crebs will stay on for an unspecified time as a consultant to help the companies through the transition of combining the two companies.
Chuck Ohmer, executive vice president and national production manager for the Northwest and Midwest, will assume Mr. Crebs' duties.