Washington Mutual Chief Legal Officer, Fay Chapman Steps Down - Update

Monday, after the bell, Washington Mutual, Inc. (WM), announced the retirement of Fay Chapman as Senior Executive Vice President of the company. Chapman has put in 10 years of dedicated and effective service as the company's Chief Legal Officer. Chapman, however, will serve as a consultant to the company for two years to facilitate with the transition and offer special counsel.

Washington Mutual employed Chapman in 1997 and she was appointed as Senior Vice President and General Counsel in 1999. She has also functioned as outside counsel to WaMu for several years through her work at Foster Pepper, where she practiced for twenty-two years.

The Seattle, Washington-based company's Chairman and CEO, Kerry Killinger, said, "Fay has been a key advisor to our executive team throughout her career at WaMu, and we owe a great deal of gratitude to Fay for her years of dedication and tremendous contributions to our success."

The Board of Directors of the company appointed Stewart Landefeld as the company's interim Chief Legal Officer, to facilitate with the transition of Chapman's duties. Landefeld is a partner with Perkins Coie LLP, a Seattle-based international law firm, where he has been Chairman of the firm's business practice group.

In the meantime, the company has assigned Heidrick and Struggles to assist in a countrywide search for a new chief legal officer to replace Chapman.

Washington Mutual, Inc., together with its subsidiaries, operates as a consumer and small business banking company in the United States. WaMu and its subsidiaries had assets of $330.10 billion as of September 30, 2007.

WM finished Monday's regular trading at $14.92, down $0.23 or 1.52%, on a volume of 35.27 million shares on the NYSE. In after-hours trading, the stock further shed $0.02 or 0.13%, and was at $14.90.

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