C.P. Morgan CEO Tom Eggleston is stepping down to operate a six-state franchise for a company that appraises, manages, markets, and sells foreclosed properties for banks.

In his wake, Steve McFarland will become the company's president and COO. McFarland had worked as the company's CFO since June of 2006. Unlike Eggleston, McFarland will not carry a CEO title.

"Steve has been a tremendous asset to our organization as CFO over the past two years, and I am pleased to extend additional responsibility to him as our new president and chief operating officer," said Chuck Morgan, founder and chairman of the board for C.P. Morgan. "With his steady leadership and strategic planning, C.P. Morgan is well-positioned to navigate through the challenging waters of the housing industry while continuing to provide more homes for more people than they've ever dreamed possible."

McFarland holds an undergraduate degree in accounting from Milliken University and an MBA from the University of Illinois. Before coming to C.P. Morgan, McFarland served as president of Alsons Corp., a subsidiary of Masco Corp., and vice president of finance for Delta Faucet Co..

Eggleston said he began to look for new business opportunities early in the summer.

"I volunteered to step out in order to take on this opportunity," said Eggleston, who was hired as C.P. Morgan's CEO two years ago. Eggleston said he will continue to serve as an advisor to C.P. Morgan on its board of directors.

Eggleston has bought the rights to use Charlotte, N.C.-based Benham REO's name and software to expand the company's distressed properties operations into Nevada, Arizona, Colorado, Ohio, Michigan, and Illinois. The company seeks to provide banks with turn-key and quick solutions to getting foreclosures off their books.

Before moving into the home building industry at C.P. Morgan, Eggleston held various executive positions in other industries. He was chairman and CEO for Source Global On-Demand, a high-tech textile and apparel sourcing firm based out of Miami. Additionally, he served as Amway Corp.'s COO and chairman as well as CEO for Amway Asia Pacific. The Indiana native also served as vice president, general counsel, and executive producer for the Pan American Games Organizing Committee held in Indianapolis in 1987.