In a cryptic statement issued Monday, William A. Shane, the son of Mercury Savings & Loan Assn. Chairman Leonard Shane, said he will resign his position as president of the institution "at a mutually convenient time" in the "near future."
William Shane, 36, who has been president of the Huntington Beach-based S&L for 14 months and an employee for 13 years, said in an interview that he had no specific plans but wanted "to pursue other ideas" in or out of the industry.
His duties will be assumed by his father, who will remain chairman and chief executive. The elder Shane, 65, helped found Mercury in 1965, and the family owns about 15% of the S&L.
The announcement fueled speculation among industry consultants that the younger Shane was being eased out because of the S&L's steadily decreasing earnings. Mercury posted a $2.2-million net loss in the third quarter.