NEWPORT BEACH, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Downey Financial
Corp. (NYSE: DSL) today announced that Charles R. Rinehart, 61, has been
appointed as Chief Executive Officer of the Company and Downey Savings and
Loan Association, F.A., effective September 23,2008. Mr. Rinehart has also
been appointed to the Board of Directors of each entity. Mr. Rinehart will
succeed Thomas E. Prince, who has served as Downey's interim CEO since July
2008. Mr. Prince will remain with Downey as Senior Executive Vice President,
Office of the CEO.
'We are delighted to welcome Charlie Rinehart as Downey's new Chief
Executive Officer,' said Michael Bozarth, Downey's Chairman of the Board.
'Over the past few months, our Board has conducted an extensive search for a
candidate with the operational and executive skills to lead Downey in the
current environment. Charlie brings four decades of successful experience
managing organizations in the financial services industry, most notably as
Chairman and CEO of H.F. Ahmanson, the parent company of Home Savings of
America, at that time the nation's largest savings and loan association. He
shares Downey's commitment to customer service, and can provide the strategic
insight and financial discipline to help guide and transform the Company as we
continue to address the challenges that face us.'
'I am honored to become Chief Executive Officer of Downey at this pivotal
time,' said Mr. Rinehart. 'Our industry currently confronts an environment as
difficult as any we have ever seen. While the task ahead is not easy, I am
committed to helping Downey move forward resolutely focused on continuing to
meet our customers' banking needs while we work closely with our regulators.
I welcome this opportunity to work with Downey's highly-engaged and active
Board, its strong management team and a group of employees who are among the
most hard working and dedicated in the banking industry. Together, we will
focus on making the changes necessary to generate value for our shareholders
while continuing to provide our customers with the outstanding customer
service they expect and deserve.'
Mr.
