Management Turnover as Change Agent

Friday, June 20, 2008

CEO Watch List - Kerry Killinger, Washington Mutual

According to a story by Ari Levy of Bloomberg, David Dreman of Dreman Value Management a major shareholder of Washington Mutual WM (NYSE) wants the bank to,
... fire Chief Executive Officer Kerry Killinger and replace its board after an 85 percent stock-price plunge in the past year...
Killinger has already had his power clipped.  He stepped down as Chairman of the bank earlier in the month. The sub-prime credit crisis continues to hurt the economy and wreak havoc with a number of top executives in the financial industry.  Killinger may be forced out as CEO as well.  

Stay tuned.   

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