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Citadel Holding Chief Executive Resigns Post

January 20, 1987|TOM FURLONG

Gerald D. Barrone has resigned as chief executive of Citadel Holding and its principal subsidiary, Fidelity Federal Savings & Loan, it was announced Monday.

Citadel officials declined to elaborate on a terse announcement, making it clear that all ties had been severed between Barrone and his employer of 32 years.

Barrone, 55, is a well-known figure in state savings and loan circles. He is the immediate past chairman of the California League of Savings Institutions, the principal trade group for the state's 219 savings and loans.

In a phone interview, Barrone declined to explain why he quit. "I want to leave it at the press release," he said. "I don't want to say anything beyond that."

The statement did note that an agreement was reached to "terminate Barrone's long-term employment contract." Barrone's contract called for him to receive a minimum of $264,000 a year until early 1993.

Fidelity Federal Savings, based in Glendale, has more than $3 billion in assets, making it among the two dozen largest S&Ls in California.

The financial institution was shaken by management and shareholder turmoil in 1985 and 1986 that led to the resignation of former Chairman Spencer Scott and the election of new directors at the urging of dissident shareholder Alfred Roven. Citadel shareholders also rejected a merger proposal from Great Western Financial in Beverly Hills.

Citadel Chairman James Taylor said there are no immediate plans to replace Barrone, adding that the subject will be raised at the company's next board meeting.

In its press release, Citadel said it will continue to operate through an executive management committee consisting of the chairman, chief legal officer, chief financial officer and the vice presidents for lending and operations. That executive committee was formed about three months ago, Taylor said in a telephone interview.

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