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Bankrupt New Century Financial Replaces CEO

Bankrupt subprime mortgage lender New Century Financial said Tuesday it terminated the employment of Chief Executive Brad Morrice on June 8 and would pay him more than three years' salary for ousting him "without cause."

Chief Restructuring Officer Holly Etlin was named chief executive officer, the company said.

New Century also said Morrice had tendered his resignation from the company board and that Anthony Meola had been terminated as executive vice president, loan production, without cause, also entitling him to a payout upon departure.