Say Goodbye To Mark Ernst, CEO Of H&R Block

H&R Block Inc., our nation’s largest tax preparer, is now missing CEO Mark “Anybody Wanna Buy A Subprime Lender?” Ernst, after losing $1 billion in the subprime meltdown.

From Bloomberg:

Richard Breeden, the hedge fund manager and former head of the U.S. Securities and Exchange Commission, was named chairman, H&R Block said in a statement today. Alan M. Bennett, who retired this year as Aetna Inc.’s chief financial officer, becomes the interim CEO of Kansas City, Missouri-based H&R Block.

Breeden, who waged a proxy fight to win a board seat in September, had urged Ernst to “stop the bleeding” at Option One Mortgage Corp. amid five quarters of losses. Ernst, 49, put Option One up for sale a year ago amid pressure from shareholders, and said in March it might fetch as much as $1.3 billion. H&R Block said in August its agreement to sell the unit to hedge fund Cerberus Capital Management LP was falling apart.

“Unfortunately, Ernst’s departure isn’t going to remove the uncertainty over the sale of Option One,” said analyst Scott Schneeberger at CIBC World Markets Inc. “They’re so mired now in subprime and the troubles there are getting so out of hand that his resignation isn’t as momentous.”

Should have stuck to preparing taxes and screwing people with those bogus fee-riddled refund anticipation loans, we guess.

PREVIOUSLY: H&R Block’s CFO Resigns
H&R Block Continues To Hemorrhage Money
H&R Block Subprime Lending Division Loses $676.8 Million

Comments

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  1. DrGirlfriend says:

    Bye, Mark! Good luck in your future endeavors.

  2. savvy999 says:

    Sounds like the right man to head up Ernst & Young!

  3. Chairman-Meow says:

    Mark is simply leaving because of:

    A. persuit new and exciting adventures
    B. spend more time with his family

    Please feel free to choose!

  4. UESC says:

    f

  5. mopar_man says:

    How much are they paying this guy to leave the company? Seems as though the popular thing to do these days when a company is losing money is to pay the CEO big $$$ when he bails out.

  6. cashmerewhore says:

    @mopar_man:

    I need to get a big title job so I can get a nice buyout.

  7. BigNutty says:

    Anyone that pays that outrageous fee to get your tax refund check in a few days instead of a few weeks is a total sucker, and their are many in this country.

    Ernst didn’t have a bandage big enough to stop the bleeding, he needed a tourniquet.

  8. Elvisisdead says:

    Well, and Cerberus is no peach of a company, either. Take a look into their holdings, and they’re armpit deep in sub prime.

  9. tadowguy says:

    I’m sure he got a 400 million dollar kick-in the ass as he left. I cry no tears for him.

  10. moostrength says:

    @BigNutty:

    Tourniquet? Try a 50 foot wide roll of Duct Tape, the world’s largest soldering wire, and one big huge soldering Iron…