Subprime mortgage lender Saxon Capital Inc. this month simultaneously lost two of its executives. Bradley Adams, executive vice president in charge of capital markets and Mark Rogers, senior vice president and corporate strategies director, both left the company on July 15 and July 14, respectively.
A spokeswoman for the Glen Allen, Virginia-based REIT did not return a request for comment on the departures. The company said in a release that Saxons's capital markets division will now report directly to Chief Executive Officer Michael Sawyer. Information technology will now report directly to Executive Vice President and Chief Financial Officer Robert Eastep.
Rogers entered into a $356,302 severance agreement with the lender, which hinged on a non-competition, non-solicitation agreement, to be paid in 24 bi-weekly installments. Adams was offered a severance package of roughly $280,000 to be distributed throughout the year, or in a lump sum dependent on Adam's decision to sign a disclosure agreement, according to an 8K filed with the Securities & Exchange Commission.
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