Information provider CoreLogic said that Anthony “Buddy” Piszel has resigned as the firm’s CFO effective immediately.
Joining CoreLogic in January 2009, Piszel will be staying on in a non-executive capacity through June 1 to assist in a smooth transition of his responsibilities.
The ex CFO informed the CoreLogic that he received a Wells notice from the Securities and Exchange Commission (SEC) staff in regards to certain disclosure matters during Piszel’s tenure at his previous employer Freddie Mac. Piszel was Freddie Mac’s CFO from November 2006 to September 2008.
The SEC’s inquiry relates to a time period prior to Piszel’s employment with CoreLogic and is not directed at the firm or any other CoreLogic employees.
The Wells notice said that the SEC staff is considering recommending a civil enforcement action against Piszel. Under the commission’s procedures, recipients of a Wells notice have the chance to respond in the form of a “Wells submission” where they would seek to persuade the SEC that no action should be started. Piszel has informed CoreLogic that he intends to make such a submission.
“While we appreciate Buddy’s contributions during his tenure at CoreLogic, after careful consideration of these developments, our Board of Directors, Buddy and I decided it would be in the best interest of the company for Buddy to leave CoreLogic to focus on his response to these issues,” said Anand Nallathambi, president and chief executive officer.
CoreLogic is currently searching for a successor CFO. In the meantime, the firm said that Senior Vice President of Finance and Accounting Michael Rasic will be principal financial officer reporting directly to Nallathambi.
The firm also hired former Standard Pacific Corp. CFO Andrew Parnes as a consultant to assist Nallathambi and Rasic during the transition to a new CFO.
The mortgage information company also reaffirmed that it will report its financial results for the 4Q10 and full year ended Dec. 31 on Feb 24.
In other Freddie Mac personnel news, ASR sister publication National Mortgage News (NMN) reported that Freddie Mac chief operating officer Bruce Witherell abruptly resigned from the GSE earlier this week, citing “personal reasons.”
Although Witherell’s leaving was not announced via a press release, it was mentioned in a Feb. 9 Securities and Exchange Commission filing.
A Freddie Mac spokesman did not offer any additional comment other than what was in the SEC filing, according to NMN.
A Wall Street veteran that included stints at Morgan Stanley and Lehman Brothers, Witherell joined the agency in September 2009. He also worked at subprime mortgage lender Household Finance.
He reported to company CEO Charles Haldeman. No announcement has been made on his replacement, NMN said.
Freddie Mac will be announcing its 4Q10 results in approximately two weeks.