Richard Breeden, former Securities and Exchange Commission chairman-turned-activist investor on Tuesday capped a six-month campaign to return H&R Block to its core tax preparation business – and away from mortgage lending – by securing chairmanship of the company.

H&R Block said its board of directors had elected Mr Breeden, who replaced Mark Ernst. Alan Bennett, former chief financial officer of Aetna, the insurer, was appointed interim chief executive. In September, Breeden Partners – Mr Breeden’s investment vehicle – secured three seats on H&R Block’s board in a bid to shift the company from banking and the mortgage business, where it has suffered losses in subprime. Mr Breeden had also argued that the company was losing market share to rival tax preparer Jackson Hewitt and should refocus on tax.