H&R Block ousts CEO, names new chairman

KANSAS CITY, Mo., Nov. 20 (UPI) -- No. 1 U.S. tax preparer H&R Block Inc. replaced Chairman and Chief Executive Mark Ernst Tuesday after shareholders renounced his stewardship.

Former U.S. Securities and Exchange Commission Chairman Richard Breeden, 57, who won three H&R Block board seats in September after a proxy fight, was named chairman.

Former Aetna Inc. Chief Financial Officer Alan Bennett was named interim CEO. The board formed a search committee to find a permanent CEO, a position Bennett said he did not want.

Ernst will remain a consultant through year-end, the company said.

Breeden had argued H&R Block should get out of the securities-brokerage, banking and subprime-mortgage lending business and focus on its core tax business, where it has lost market share to Jackson Hewitt Tax Service Inc.

"H&R Block has long offered customers a combination of market-leading expertise, advice and quality products and services," Breeden said. "By refocusing on our core strengths and market-leading capabilities, we will work to generate strong growth in shareholder value."

Ernst's departure, effective immediately, came 15 days after Chief Financial Officer William Trubeck's resignation.

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