Wilshire Fires Top Execs

September 07, 1999, 1:00 p.m. EDT 1 Min Read

Wilshire Financial Services Group Inc., Portland, Ore., has announced the firing of its chief executive officer, Andrew Wiederhorn, and its president, Lawrence Mendelsohn, following a two-week suspension.Steven Glennon has been appointed Wilshire's new CEO. "The board has concluded that the interests of the company would be best served by the appointment of new management," Wilshire said without further elaboration on the reasons for the executives' termination. Wilshire recently reported a net loss of about $800,000 for the quarter ended June 30, which included only one month of operation since the company emerged from Chapter 11 bankruptcy protection. Messrs. Wiederhorn and Mendelsohn have resigned from their positions as directors of Wilshire and its subsidiaries.

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