Lender Processing Services Inc
The embattled mortgage processing services provider said its board had established a committee to search for a replacement and named its executive chairman Lee Kennedy interim CEO.
The company has seen its shares drop by a third in the last six months as it faces regulatory scrutiny over its alleged role in wrongful foreclosure practices.
In June, the company, which handles more than half of U.S. foreclosures, lowered its second-quarter outlook on additional regulatory and legal expenses.
(Carbiener's resignation) is not a positive anyway you look at it. We're more interested in the company, I don't think the management has distinguished itself one way or the other, Morningstar analyst Brett Horn said.
Kennedy, who was the executive chairman and CEO of LPS's former parent Fidelity National Information Services, will remain the executive chairman, the company said in a statement.
Carbiener has agreed to serve in an advisory capacity.
Shares of the Jacksonville, Florida-based company were down 5 percent at $19.50 in trading after the bell. They closed at $20.54 on Wednesday on the New York Stock Exchange.
(Reporting by Jochelle Mendonca in Bangalore; Editing by Saumyadeb Chakrabarty)