The chief executive of bankrupt Fremont General Corp. of Brea is stepping down from the onetime subprime mortgage lender and bank operator.
Stephen Gordon, who took over Fremont late last year with hopes of reviving the company, plans to leave Sept. 30 along with longtime colleague David DePillo, who has been Fremont’s president.
They’re expected to pursue new work in financial services, according to Fremont.
Gordon is set to remain as chairman. DePillo will stay on as vice chairman.
They’re likely leaving their executive posts because their work winding down Fremont’s operations are done.
Executive Vice President Richard Sanchez is set to serve as interim Fremont chief executive.
Sanchez is set to take over a company that’s winding down in bankruptcy court after selling off its banking and other operations in recent years.
Gordon once ran Irvine-based Commercial Capital Bancorp Inc., which Washington Mutual Inc. bought for $1 billion in 2006.
He came to Fremont in November with hopes of reviving the fallen subprime lender as a community bank. He soon moved the company’s headquarters from Santa Monica to Brea.
Gordon and a team of executives he brought with him spent most of their time selling off Fremont’s bank branches after federal regulators threatened to shut them down.
The company filed for bankruptcy in June.
During the mortgage boom, Fremont was among the largest lenders to borrowers with imperfect credit.
