Newport Beach-based Downey Financial Corp. said Monday that President Frederic McGill left after eight months with the savings and loan operator.

McGill was Downey's third president in less than four years.

Downey, which doesn't hold conference calls or offer other insights into its inner workings, appeared to have been grooming McGill as a potential successor to Chief Executive Dan Rosenthal.

In recent months, McGill, not Rosenthal, has been providing comments for Downey's quarterly financial results.

The company didn't say why McGill left.

Bad home loans made by Downey have led to its stock dropping more than 90% in the past year. It holds a market value of $75 million with assets of about $13 billion.

Downey has been known for high turnover among executives.

The chief executive post has seen at least eight different faces in the past 18 years.

In 2004 former chief executive Marangal “Marito” Domingo left after a seven-month stay.

He was replaced by Rosenthal, the former son-in-law of Downey’s Chairman and dominant owner Maurice L. McAlister.

McGill took over the president's title from Rosenthal.

Some had speculated that regulators might have suggested Rosenthal was taking too much responsibility and that McGill was hired to appease them.

Others believed McGill was hired to potentially take over as the bank’s top officer.