On July 24 TCF Financial reported a 50.9 percent year-over-year decline in second-quarter net earnings to $23.7 million. After a grace period of four days, the company announced the retirement of CEO Lynn Negorske. The 22-year TCF veteran has been replaced by chairman William A. Cooper, who served as CEO from 1985 through 2005.
Downey Financial didn’t wait: On July 24 it reported a $218.9 million loss and appointed Thomas E. Prince as interim CEO. Daniel D. Rosenthal retired as vice chairman and CEO. Downey founder and chairman Maurice L. McAlister resigned at the age of 83. Independent directors Michael D. Bozarth and Gary W. Brummet were appointed chairman and vice chairman, respectively.