Downey Clears Up Roles of New Executive Officers

NEWPORT BEACH —  Downey Savings & Loan, after some confusion over the roles of new leaders, said Tuesday that F. Anthony Kurtz is the thrift’s president as well as its chief operating officer.

Kurtz replaces Maurice L. McAlister, who had said three weeks ago that he would retire as president sometime early next year.

McAlister said the confusion stemmed, in part, from his dual role as president of Downey and president of its real estate development subsidiary, DSL Service Corp. He will continue in his position at the subsidiary for several months to help sell its real estate holdings, as all thrifts must do under a 1989 federal law.

McAlister will remain, however, as Downey’s chairman.

Kurtz and Robert L. Kemper, Downey’s new chief executive, started working at the S&L; on Sept. 23. Kemper replaced Gerald H. McQuarrie, who retired in July but remains as Downey’s vice chairman.

Kurtz, 50, worked for 21 years at H.F. Ahmanson Co., which owns Home Savings of America, and eventually was the company’s chief financial officer. He and Kemper, 62, served a 14-month stint at Great American Bank in San Diego, where they tried to revive the failing institution. Kemper was chairman and chief executive; Kurtz was executive vice president and chief financial officer.

Kurtz was expected to take over as Downey’s president some months after he was hired as the S&L;’s chief financial officer, but the board of directors apparently didn’t realize McAlister was stepping down from the top spot so soon. The board quickly named Kurtz president. As chief operating officer, Kurtz replaced Jane Wolfe, who became Downey’s director of lending.

Kemper, a onetime Wells Fargo Bank vice chairman, is highly respected by federal thrift regulators and is expected to smooth the ruffled relationship between the S&L; and regulators. One upshot of the ongoing dispute was Downey’s decisions to restructure its corporate ranks by creating such traditional titles as chairman and chief financial officer, and to turn the reins over to a new generation of leaders.

Despite Downey’s previous deviations from traditional corporate structure, stock analysts have long considered the 34-year-old S&L; to be one of the nation’s better-run thrifts and have had high praise for founders McAlister, 66, and McQuarrie, 70.