The flailing Guaranty Financial Group Inc. of Austin has a new chief executive officer and chief financial officer.
In a Securities and Exchange Commission filing Friday, the $14.4 billion-asset company said Kevin J. Hanigan, its president and chief operating officer, was named chairman and CEO. Hanigan, 52, retained the title of president as well.
John T. Stuart 3rd, a Guaranty board member, had been interim chairman and CEO since November, when Kenneth R. Dubuque left the company.
Hanigan joined Guaranty in 1996 and became president and COO in November 2008.
The filing also said that Ronald D. Murff, the CFO and chief accounting officer, resigned Friday, and that Stephen C. Raffaele, the treasurer, added Murff's titles.
Raffaele, 43, joined Guaranty in 2007 as its chief strategy and development officer. He was appointed treasurer in January.
Guaranty did not cite a reason for Murff's resignation.
The company warned last month that it expects to fail unless the government comes to its rescue. Guaranty said it cannot entice investors to add capital without a rare loss-sharing agreement from the Federal Deposit Insurance Corp. The proposal, if approved, would wipe out the current shareholders.
Observers have estimated that Guaranty would need $3 billion to $5 billion to fully correct a looming capital deficit. It is facing $1.7 billion in writedowns, nearly all related to unrealized losses on mortgage-backed securities, and the company has said the writedowns would put it in a negative capital position.
