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NEW YORK, April 23 (Reuters) - AmeriCredit Corp. , which sells car loans to people with poor credit, on Wednesday said President and Chief Executive Officer Michael Barrington had stepped down, as the firm reported sharply lower profits for its third quarter after a large restructuring charge.
Chairman Clifton Morris will add the title of chief executive, while Barrington will continue to serve on the company's board, AmeriCredit said.
The Fort Worth, Texas-based lender reported net income of $14.5 million, or 9 cents per share, for the fiscal quarter ended March 31. That compared with $91.6 million, or $1.02 per share, a year earlier.
The company also promoted three senior executives.
Chief Financial Officer Daniel Berce moved up to the job of president, while Preston Miller moved from treasurer to take over the CFO job vacated by Berce.
Mark Floyd moved from president of dealer services to take up duties as chief operating officer. Floyd replaces Michael Miller, who stepped down.