Cruttenden Steps Down as E*Offering CEO

Walter Cruttenden III, a longtime Orange County investment banker, has stepped down as chief executive of E*Offering to pursue other investment deals.

Cruttenden, who co-founded the San Francisco online underwriting firm with E*Trade, said he only intended to lead the company during its start-up phase. E*Offering was launched a year ago.

“I’m on to the next deal,” said Cruttenden, president of Cruttenden Partners in Newport Beach.

He said he is negotiating to purchase a Southern California software company but declined to identify it. Cruttenden remains a major investor and board director of E*Offering.