Senior executive Warren Spector announced his resignation from the investment banker Bear Stearns, shaken by troubles linked to the fraught US subprime mortgage market, the firm said Sunday.
"Warren J. Spector has resigned his positions of president and co-chief operating officer, member of the executive committee and member of the board of directors of Bear Stearns," Chief Executive James Cayne said in a statement.
In giving up the co-presidency of the firm, the 49-year-old stocks and bonds broker cedes the role in full to the other co-president, Alan Schwartz. Bear Stearns Asset Management (BSAM) suffered a disastrous blow last month when it announced that two hedge funds overseen by Spector were wiped out, losing up to 1.6 billion dollars of investors' capital, according to the Wall Street Journal.
Financial chief Samuel Molinaro will become chief operating officer, the newspaper said, quoting an unnamed source, and Jeffrey Mayer, co-head of the firm's fixed income division, will replace Spector on the executive committee.
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