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Subprime lender Accredited Home's CEO retires

Tue Feb 19, 2008 5:15pm EST

NEW YORK, Feb 19 (Reuters) - Accredited Home Lenders Holding Co., a large subprime mortgage lender acquired by private equity firm Lone Star Funds in October, said on Tuesday its long-time chairman and chief executive James Konrath has retired, effective immediately.

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Jim Moran, a managing director of Hudson Advisors, was named interim chairman and chief executive. Hudson has managed and serviced investments bought by Lone Star Funds since 1995.

Konrath had been chairman and chief executive of San Diego-based Accredited since he co-founded the company's main operating unit in 1990.

Dallas-based Lone Star paid about $296 million, or $11.75 per share, for Accredited. It had agreed in June 2007 to pay $15.00 per share, valuing Accredited at about $400 million, but was able to cut the price after the nation's housing slump deepened. (Reporting by Jonathan Stempel; Editing by Tim Dobbyn)

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