Charles Zwick: Out At Southeast Bank
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Charles Zwick, 64, the embattled chairman and CEO of Southeast Bank, resigned from those posts on Jan. 15. The $14.5 billion Florida bank lost $167 million through Sept. 30, mostly from its souring real estate loan portfolio. Many shareholders blamed Zwick's management style and late entry into Florida's retail market for the bank's poor performance.
Douglas Ebert, 45, who joined the bank in July as chief operating officer, takes over as chairman, president, and CEO. Ebert says he is still "defining a strategic direction" for Southeast--not an easy task.