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Business Briefing / BANKING

WaMu ousts CEO Kerry Killinger

September 09, 2008|From Times Wire Services

Washington Mutual Inc., ravaged by losses from sour mortgages, replaced Kerry Killinger as chief executive of the nation's largest savings and loan, adding him to the growing list of banking bosses ousted by their boards.

Killinger, 59, is being replaced by Alan H. Fishman, former president and chief operating officer of Sovereign Bank and president and CEO of Independence Community Bank.

WaMu also said it had entered into a memorandum of understanding with the Office of Thrift Supervision concerning aspects of its operations. WaMu has committed to provide the agency with an updated, multiyear business plan and forecast for its earnings, asset quality, capital and business segment performance. The plan will not require the company to raise capital or increase liquidity, WaMu said.

WaMu shares closed down 15 cents, or 3.5%, at $4.12 after dropping as much as 24% earlier in the session.

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