Pat Flanagan to take 6-month personal leave
By MortgageDaily.com staff
12/12/2005

New Century Mortgage Corp.'s president is stepping aside.

Patrick J. Flanagan will restructure his contract with the company, according to an announcement today from parent New Century Financial Corp. He will continue working with the company on a limited basis while on a personal leave of absence for up to six months, then transition into a consultant for the real estate investment trust.

Brad A. Morrice, currently CEO of the unit and president of the Irvine, Calif.-based parent, will assume Flanagan's responsibilities, the statement said.

"This new arrangement provides me the opportunity to continue to contribute to New Century's success and also allows me the flexibility to pursue personal endeavors," Flanagan, who joined New Century in 1996, said in the statement.

While the announcement didn't say why the executive was relinquishing his responsibilities, Flanagan is a professional and lifelong race car driver. He has raced in three Rolex series, and after leaving the sport to "run several highly successful businesses," he returned to the driver's seat at the Skip Barber Racing School driving open-wheel formula cars before moving to sports cars in Porsche club competition, according to a prior announcement from Aasco Motorsports.

"We are disappointed that Pat will no longer be working with the company on a full-time basis," Morrice said in the statement.

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