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Ho Yang will step down as chief executive, president and board member of Nara Bancorp and its subsidiary Nara Bank as of March 15, the Korean-American bank said Thursday.
Los Angeles-based Nara, which gave no explanation for Yang’s departure, said in a statement that it would soon name an interim president and chief executive. That person will serve until Nara finds a permanent replacement to “lead us in our next phase of profitable growth,” said Nara Chairman Chong Moon Lee.
Nara’s stock was trading at more than $20 a share when Yang joined the bank in October 2004. It closed Thursday at $15.90, down $1.06.
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-- E. Scott Reckard
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