LOS ANGELES — Tom Wolfe, president of auto lender WFS Financial Inc., has been promoted to CEO as well as president of parent company Westcorp.
Joy Schaefer, who had those titles, resigned Feb. 8. The company said Schaefer resigned to pursue other interests.
Wolfe, 42, joined WFS Financial in 1998. Schaefer, 42, presided over a drastic restructuring and layoffs, as the company reduced subprime loans in favor of mostly prime-risk loans, starting in 1998.
WFS Financial had 2001 net income of $61.6 million, down 7.1 percent.