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H&R Block

(HRB) - Get H&R Block Inc. Report

dropped 3% after the tax services provider's top finance executive resigned.

William L. Trubeck, its CFO and executive vice president, stepped down from his position at the Kansas City, Mo.-based company. The departure is effective immediately, H&R Block said.

The company named Becky S. Shulman, its treasurer, as its acting chief financial officer.

H&R Block has been under mounting pressure as it looks to unload its troubled subprime lender, Option One. H&R Block has been forced to eliminate hundreds of positions at Option One and at its shuttered H&R Block Mortgage retail lending franchise, as home prices fall and defaults rise.

The company originally agreed to sell the unit to Cerberus Capital Management this past spring. But H&R Block said in August that it was negotiating revised terms for the sale of Option One. Among them, H&R Block would agree to "wind down" Option One's mortgage origination operations, while Cerberus would only purchase the mortgage-servicing unit.

At the time, Block was also trying to get Cerberus to agree to waive certain conditions of the deal that set minimum loan fundings and warehouse credit lines at closing.

Shareholders voted in September to bring three dissident shareholders led by Richard Breeden of Breeden Partners onto H&R Block's board.

Breeden Partners publicly stated that the company should consider several strategic options including "stopping the bleeding" at Option One. The shareholder also wants H&R Block to consider selling its securities brokerage business and banking arm, among other things.

Trubeck, 61, joined H&R Block in 2004. He will be available to consult with the company through December "to aid in the transition and completion of key activities underway," H&R Block said.

A spokesman said that Trubeck has been "pretty active" on the Option One sale and that the transaction is "one of the activities he will likely consult on." He declined to give an update on the deal.

Before joining H&R Block, Trubeck was the chief financial officer and chief administrative officer of

Waste Management

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, a Houston-based provider of waste and environmental services.

He also served in senior finance positions at International Multifoods before it was acquired by

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Shares recently fell 63 cents to $19.96.