Yet another U.S. financial firm is replacing its CEO. Washington Mutual, Inc. The firm said today that current CEO Kerry Killinger is leaving to be replaced by Alan Fishman.

Fishman, 62, was previously president and chief operating officer of Sovereign Bank and president and chief executive officer of Independence Community Bank.

Killinger is leaving after helping to build Seatle-based Washington Mutual into the largest savings and loan organization in the United States.
He has served serving as WaMu’s CEO since 1990.

WaMu also announced that it has entered into a memorandum of understanding with the Office of Thrift Supervision concerning aspects of the bank’s operations, principally in several areas of its risk management and compliance functions. In addition, WaMu has committed to provide the OTS an updated, multi-year business plan and forecast for its earnings, asset quality, capital and business segment performance. The business plan will not require the company to raise capital, increase liquidity or make changes to the products and services it provides to customers.

Stephen Frank, chair of the firm’s board, said, “We believe Alan Fishman is the ideal executive to succeed Kerry Killinger and lead WaMu through its current challenges. Alan has had a distinguished career in many aspects of the financial services business and brings a unique combination of in-depth industry knowledge, an entrepreneurial approach, and strong management skills that make him the right choice to be CEO of WaMu at this critical juncture.”

Fishman said, “WaMu’s strong brand and irreplaceable retail banking franchise have enormous potential, especially in today’s environment, and I am thrilled to have this opportunity to create value for shareholders. I look forward to working with WaMu’s dedicated management team and talented employees who have done a remarkable job weathering the storm in the housing and mortgage markets. I intend to hit the ground running here in Seattle with a focus on building on WaMu’s strengths, addressing its weaknesses, and returning the company to profitability as quickly as possible.”