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WaMu Closes the Barn Door...A Little Too Late |
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| Jun 13, 2008 04:41 PM UTC |
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Tracked Blogger
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6/3 - "Washington Mutual (WAMU) closed the proverbial barn door after shareholders voted 51%plus to install a non employee as Chairman. WAMU announced on Monday it will replace Chief Executive Kerry Killinger as chairman of the board and take other steps to improve corporate governance." "After billions of dollars in losses the shareholders finally got it. Keep the positions of chairman and CEO/president separate...While most investors look at the company as a financial disaster story, it really is a corporate governance disaster story. Perhaps even more so." "This company is floundering around and until a permanent CEO is put in and builds up his executive team the future will be uncertain. Of course there can be a sale to stronger hands but the shareholders will only see a fraction of the franchise value." 
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