SCHWAB JR. JOINS HEMACARE BOARD AS TOP MANAGERS RESIGN.

Byline: Ben Sullivan Daily News Staff Writer

In a major corporate reshuffling Sherman Oaks-based HemaCare Corp. said Tuesday that Charles Schwab Jr. has joined its board of directors and that a search is under way for a new chief executive officer.

Schwab, president of Kensington Capital Management Inc. and son of the famous discount brokerage founder, was named to the board along with Jay Steffenhagen, vice president of a health care supplies distributor.

The two replace HemaCare's CEO and chief financial officer, both of whom resigned from the board Tuesday but will remain for now in their management posts. A third board member, Alan Darlington, will replace outgoing Chairman Glenn Bartlett, who also stepped down, citing health concerns.

The resignations and replacements were seen on Wall Street as an attempt by investors to take a more active role in running the tiny health care company. Schwab's Kensington Capital is the second largest holder of HemaCare stock, with 8.2 percent of its outstanding shares. HemaCare has a market capitalization of $3.82 million.

``Clearly they're trying to find the answer. Whether this'll be successful is yet to be seen,'' said Michael LeConey, who follows HemaCare for New York-based investment house Dirks & Co.

The younger Schwab was unavailable for comment.

HemaCare shares closed down 6 cents Tuesday, to a 52-week low of 53 cents. The shares have lost 83 percent of their value since a February high of $3.18. The company reported third quarter profits in November of $55,000, or 1 cent per share.

HemaCare has struggled since 1978 to gain market share among hospitals for its blood products and blood management systems. Its main competitor, the nonprofit American Red Cross, dominates the field.

CEO Hal Lieberman said his stepping down from the board of directors and the board's search for a new chief executive were ``fine with me. The whole point is to do what's best for the company, to increase its value.''