Irvine-based Impac Mortgage Holdings Inc. said Friday that Chief Investment Officer Andrew McCormick and Chief Operating Officer Richard Johnson have resigned.
The company also said in a filing with the Securities and Exchange Commission that it’s delaying the filing of its 2007 annual report because it is currently in negotiations to settle part of its repurchase liabilities and refinance its remaining warehouse borrowings. The moves should improve Impac’s financial condition, the company said.
Impac’s annual report was expected to be filed Monday.
McCormick’s resignation takes effect at month’s end, while Johnson’s took effect this week. McCormick is taking a job with an investment management company. Johnson will continue to work for Impac in a consultant capacity.
Impac, which has slimmed down its operations and cut staff in recent months, said it doesn’t plan to immediately replace the two executives. The company counts a market value of about $80 million.
