Glen Ivy Founder, CEO to Step Down

Glen Ivy Financial Group’s founder and chief executive, Ralph Mann, will resign by the end of this week as part of an agreement with regulators who are investigating the nation’s largest time-share operator, sources said Wednesday.

Michael Tennenbaum, a Bear Stearns & Co. investment banker and Glen Ivy director, and Jeff Chambers, a San Francisco investor and company director, are expected to assume temporary control of the firm, sources said.

Tennenbaum, Chambers and weight-loss maven Jenny Craig were part of a consortium of companies and individuals that invested $15 million in Glen Ivy last summer after the Corona-based company had some run-ins with state regulators.

Mann, who started Glen Ivy in 1975 with a single RV park in Corona, is expected to resign in the next several days, sources said. He will remain a Glen Ivy employee and a director and could return as chief executive sometime in the future, depending on the outcome of a criminal probe of whether the company oversold resorts.