Wilshire Financial Services Group fired chief executive officer Andrew Wiederhorn and his co-founder on Monday and named turnaround expert Steven Glennon as its new CEO.

Mr. Wiederhorn, 33, and longtime president Lawrence Mendelsohn, 38, rejected the option of remaining on the Portland, Ore., finance company's board. Instead they said they would focus on running Wilshire Financial Real Estate Investment Trust, a separately capitalized company that has shared facilities with Wilshire Financial.

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