Changing of Guard at HomeFed Corp.

HomeFed Corp. President Robert F. Adelizzi has been named chief executive of the savings and loan holding company, taking over day-to-day management from Kim Fletcher, who will remain board chairman.

Adelizzi joined San Diego-based HomeFed, parent of HomeFed Bank, in 1962 and has been its president since 1981.

In an interview, Fletcher said his primary reason for vacating the chief executive’s job at the $18-billion thrift is to give Adelizzi the opportunity “to move up and assume more responsibility and be rewarded in title at the same time.”

“Bob has done an outstanding job as president and chief operating officer,” Fletcher said. “We have worked together as a team for over 20 years, and it’s only right that he be given the recognition.”

Fletcher, 62, said HomeFed has no mandatory retirement age and age was not a factor in his decision to step down. He has been HomeFed chairman since 1979 and chief executive since 1969.