BridgeSpan CEO resigns

Larry Walker has resigned as president and CEO of Bridgespan, a financially troubled mortgage technology company in Frisco, Texas.

His resignation will be effective "next month," according to a company statement that did not specify a date for his departure.

Walker joined Bridgespan in late 2002. The company at that time had developed an e-mortgage platform in a marketing partnership with Fannie Mae, but the product was not selling well into the market.

"Mortgage lenders were awash in refinance volume and reluctant to take on the additional task of wholesale changes to their processes. It was hoped that with the addition of Walker's expertise, Bridgespan could more readily secure early adopters for its straight through processing of electronic mortgages," the company said.

The company recently shut its Texas title company and filed for reorganization protection under Chapter 11 of the U.S. Bankruptcy Code in the Northern District of California.

The company did not announce who will replace Walker as chief executive.

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