Scottish Re Group Limited announced that its chief executive officer will step down July 31.

George Zippel will end his term as CEO less than a year after he joined the company. Scottish Re also said it has hired a search firm to look for a new CEO.

At the same time, the company extended the contract of its chief financial officer, Terry Eleftheriou, to March 31, 2010.

Jonathan Bloomer, chairman of the board for Scottish Re, Bermuda, noted that Zippel joined the company to execute a growth strategy the company no longer considered workable due to its “subprime exposure and prevailing market conditions.”

In January, Standard & Poor’s Rating Service lowered its evaluation on Scottish Re and placed it on negative watch due to the company’s mounting investment losses. Fitch Ratings and A.M. Best Rating Service soon followed suit.