Washington Mutual Inc. confirmed Monday that Kerry Killinger, its chief executive since 1990, is leaving the troubled thrift company.
The $309.7 billion-asset Wamu also said it had entered into a memorandum of understanding with the Office of Thrift Supervision governing its risk management and compliance, including its compliance with the Bank Secrecy Act.
Alan H. Fishman, 62 succeeded Mr. Killinger and joined the board, Wamu said. He is a former president and chief operating officer of Sovereign Bank and a former president and CEO of Independence Community Bank. In a press release, Mr. Fishman said his goal is "returning the company to profitability as quickly as possible."
Wamu said it had "committed to provide the OTS an updated, multi-year business plan and forecast for its earnings, asset quality, capital and business segment performance."
The arrangement will not force it to raise more capital "or make changes to the products and services it provides to customers," Wamu said. (In April, Wamu raised $7 billion in capital from a group of investors led by TPG Inc.)