Franklin Credit Chief Quits

Jeffrey Johnson resigns to pursue other business interests.
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Franklin Credit Management

(FCMC)

said CEO Jeffrey Johnson resigned to pursue other business interests.

The New York-based subprime lender said Johnson also resigned from the board. Founder and Chairman Thomas Axon was named president and CEO, effective immediately.

"The board is appreciative of Jeff's role in Franklin Credit Management's accomplishments over the past 15 months and in the positioning of the company for future growth," said Axon. "We want to thank Jeff for his leadership and wish him all the best in his pursuit of new opportunities and challenges."

On Tuesday, Franklin shares dropped 55 cents to $7.80.