Washington Mutual boots CEO

September 8, 2008 5:42:11 AM PDT
Washington Mutual is ousting Chief Executive Kerry Killinger as the beleaguered savings and loan moves to overhaul its business, which has been ravaged by sour mortgage loans.

Killinger has served as CEO of the Seattle-based company since 1990. The company said Monday he is being replaced by Alan H. Fishman.

The 62-year-old Fishman is the former president and chief operating officer of Sovereign Bank and president and CEO of Independence Community Bank.

Killinger's exit follows that of Wachovia CEO Ken Thompson, Merrill Lynch's Stanley O'Neal and Citigroup's Charles Prince, as the nation's banks and brokerages struggle to cope with mounting losses stemming from the deteriorating housing market.