MNC switches officers' lineup

October 11, 1991|By Blair S. Walker

MNC Financial Inc. has shuffled three of its top executives to streamline its internal operations and segregate troubled portions of its banking business from those performing well, President and Chief Executive Officer Frank P. Bramble said yesterday.

Two of the moves involve South Charles Realty Corp., an MNC subsidiary established in July to sell $1.8 billion in under-performing loans and repossessed commercial real estate. South Charles President Bruce McPherson is moving to Maryland National Bank, where he will become a senior vice president for real estate. Mr. McPherson is being replaced by Doug Ledwith, who oversaw credit operations for the bank.

Mr. McPherson is taking a slot vacated by MNC Executive Vice President Ralph Ferrell, who is shifting into Mr. Ledwith's position.

"We just felt all three of these guys are very valuable, and they've done very good jobs," Mr. Bramble said. "I just felt this is a better positioning of these three people."

Mr. Ledwith will report directly to Peter Gartman, MNC's vice chairman and chief financial officer.

"What I've done is I've reduced the number of people who report to me," Mr. Bramble said. "In effect, what we've now done is clearly separate the healthy part of our institution from the

unhealthy part, so we can manage the healthy part."

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