Breeden named new H&R Block chairman

NEW YORK - H&R Block Inc., the largest U.S. tax preparer, said this week that Chairman and Chief Executive Mark Ernst had resigned, following mounting losses tied to subprime mortgages.

Richard Breeden, a former U.S. Securities and Exchange Commission chairman, was named chairman. Mr. Breeden, now an activist investor, joined H&R Block's board earlier this year after a proxy fight.