Shevlin Resigns as Chairman of Imperial Corp.
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Matthew Shevlin Jr. on Thursday resigned as chairman of San Diego-based Imperial Corp. of America but will remain chief executive until a successor is found, the savings and loan holding company said.
Victor N. Goulet, controlling shareholder and director of Tamco Holding Co., which indirectly owns 24.94% of Imperial’s common stock, succeeds Shevlin as chairman.
The resignation is “purely voluntary,” Shevlin said. “No one is lining me up in front of a shooting gallery.”
An office of the chairman has been formed to include Goulet and Tamco Enterprises Chairman and President Lyman C. Hamilton Jr., as well as Allan R. Tessler, senior partner of the New York law firm of Shea & Gould. All three men were nominated as Imperial directors by Tamco when it acquired Imperial’s stock in 1983.
Imperial, parent of Imperial Savings & Loan, reported $10 million in net income in 1984, its first profitable year since 1980.
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