Brown resigns as CFO of eChapman Inc.

Clarke, the controller, named as replacement

July 20, 2002|By William Patalon III | William Patalon III,SUN STAFF

Embattled Baltimore brokerage eChapman Inc. said yesterday that longtime Chief Financial Officer Demetris Brown had resigned, effective immediately. He was replaced by Steve Clarke, the company's controller.

Nathan A. Chapman Jr., eChapman's chairman and chief executive officer, said that Brown left eChapman to take a similar job with another financial services firm in the Baltimore area and that the parting was amicable.

"Demetris found an exciting opportunity; I'm happy for him," Chapman said. "There were no issues that prompted him to leave. I enjoyed working with him."

Chapman would not identify the company, and Brown could not be reached for comment.

Brown leaves at a time when formidable challenges continue to face eChapman. The Securities and Exchange Commission was investigating the company, a fact which earlier this year prompted the Maryland pension system to drop eChapman as manager of about $175 million in retirement funds. Chapman declined to comment on the probe.

Chapman also said he expects to hear within three or four weeks whether eChapman shares will be delisted from the Nasdaq stock market for failing to meet minimum requirements.

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