UPDATE: Washington Mutual Sets New Governance Rules
Monday June 2nd, 2008 / 16h47
By Greg Morcroft NEW YORK (Dow Jones) -- Answering criticism of its corporate governance and financial hemorrhaging due to the credit crisis, Washington Mutual, the nation's largest thrift, said Monday it is splitting the office of chairman and CEO and is adopting a majority-voting standard for directors. On July 1, independent director Stephen Frank will become chairman of the board, and Kerry Killinger will continue to lead the company as CEO and to serve as a director. WaMu also said the board adopted a majority-voting standard and made several changes to the composition and leadership of certain of its board committees. "The actions taken today by the Board are the result of a deliberate review of how best to enhance WaMu's corporate governance policies and practices. They also reflect the Board's commitment to listening to feedback from our shareholders," Frank said in a press release. Shares of Washington Mutual were flat at $9.02 in early morning trades Monday.
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