Seattle-based Washington Mutual Inc. (WaMu) says that Alan H. Fishman has been appointed chief executive officer and has joined WaMu's board of directors. Fishman replaces Kerry Killinger, who was forced out of his position, according to a Wall Street Journal report.
Fishman has more than 25 years of experience as a senior executive in banking and financial services. He was previously president and chief operating officer of Sovereign Bank and president and chief executive officer of Independence Community Bank.
‘We believe Alan Fishman is the ideal executive to succeed Kerry Killinger and lead WaMu through its current challenges,’ says Stephen E. Frank, chairman of the board.
In addition, WaMu has entered into a memorandum of understanding (MOU) with the Office of Thrift Supervision (OTS) concerning aspects of the bank's operations, principally in several areas of its risk management and compliance functions, including its Bank Secrecy Act compliance program.
The company says it has committed to provide the OTS an updated, multiyear business plan and forecast for its earnings, asset quality, capital and business segment performance. The business plan will not require the firm to raise capital, increase liquidity or make changes to the products and services it provides to customers.
Sources: Washington Mutual, Wall Street Journal