Log in to your IBTimes Account

close
ID
Password
  • Set your IBTimes.com Edition

WaMu Finance Chair Resigns Under Pressure



By Joseph Major
15 April 2008 @ 08:59 pm ET

NEW YORK - A Washington Mutual Inc director resigned on Tuesday under pressure from shareholders who have faulted the company for its declining market value amid a sharp housing downturn.

Related Topic

Get stories by e-mail on this topic.

  • Washington Mutual | RSS
  • Wamu | RSS
  • Mary Pugh | RSS
E-mail:
Quotes
WM 0.13 0

Mary Pugh, 48, who served on WaMu's board of directors for nine years and as Chair of its Finance Committee for three years, resigned from the board Kerry Killinger, CEO, said during the bank's annual shareholders meeting.

WaMu as the bank is known announced an agreement last week to raise $7 billion in capital by selling new stock to strengthen the company's balance sheet. The move, however, will dilute the value of current shares.

Shares fell more than 8 percent after the capital raising move last week.

During the meeting, shareholders re-elected the rest of the eligible board members, according to a preliminary count. Shareholders also voted to separate the jobs of chairman and CEO by a tally of 51 percent.

During the meeting, Killinger said the company will revise the company's 2008 executive bonus plan which has been criticized for not taking into account the bank's mortgage related losses.

CtW, a pension fund with shares in the bank, had called for shareholders to withhold their votes for Pugh and fellow director James Stever, who heads the company's human resources committee. Stever was re-elected.

"We commend Washington Mutual's board for promptly accepting Ms. Pugh's resignation and urge them to also demand the resignation of any other directors who fail to win majority shareholder support," said CtW in a statement.

The company also released its first quarter results today, announcing it lost $1.1 billion, or $1.40 per share. Shares rose 31 cents, or 3 percent, to close at $10.66.

This article is copyrighted by International Business Times.

    Click!
  • Rate this article:

Comments

Post Your Comment

*Name


advertisement
More Industries
China's ambitious plan to increase wind power capacity could attract up to $150 billion in investment, but Beijing will have to get serious about revampi...
Top oil and gas firm PetroChina raised daily output at its largest Sulige gasfield, in northern China's Ordos Basin, to 25.6 million cubic metres, up 67 ...
Volkswagen chief executive Martin Winterkorn said Europe's largest auto maker sold 6 percent more cars and transporters in June than in the same month a ...

Advertisement
Forex trading is too complicated?

Can predict currency pairs movements? Binary option trading is what you need. Click here.

Press Release Distribution - IBwire

Effective and Affordable Press Release Distribution Service

Option Trading Was Never So Easy

Come and experience the trading platform that everyone talks about. Simple, fast and exciting.

advertisement
 
IBTimes.com Web
Partners
International Business Times© 2009 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives