2008-09-08wsj.com

Kerry Killinger, who helped build Washington Mutual Inc. into the nation's largest thrift and then presided over its rapid decline, is being ousted as chief executive, making him the latest casualty of the mortgage crisis.

Oh, he's a casualty. Poor baby! Don't worry he'll get by somehow:

People close to the situation said Mr. Killinger would retire under the terms of his employment contract with no extra severance benefits. According to the most recent Securities and Exchange Commission filing related to Mr. Killinger's compensation, he held 1.2 million shares of common stock as of Dec. 31, 2007, currently worth about $5.2 million. He also has $14.9 million in deferred compensation and $3.5 million in pension benefits, according to the filing.

Here's the new guy:

Succeeding Mr. Killinger will be Alan Fishman, currently chairman of New York commercial mortgage broker Meridian Capital Group. Before joining Meridian in 2007, Mr. Fishman was president and chief operating officer of Philadelphia-based Sovereign Bank, the nation's second-largest thrift.


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Comments:

tvsterling at 23:04 2008-09-07 said:
Poor baby indeed. America is the welfare state for the rich. The rest of us will pay for his sins as usual. Permalink

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