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Washington Mutual to Expand Executive Team
SEATTLE, Feb 7, 2002 (BUSINESS WIRE) -- Washington Mutual, Inc. (NYSE:WM) today announced an expansion in its executive management team with the creation of a new position responsible for risk management across the entire corporation.

Current chief financial officer, William A. (Bill) Longbrake, 58, will assume the new executive role as Vice Chair of Enterprise Risk Management. He will be responsible for the new corporate-wide risk management area that encompasses asset and liability management, capital and interest rate risk management, operational risk, audit, regulatory affairs and other risk management areas.

As part of the management expansion, the company has launched an external search for a CFO, who will have responsibility for Washington Mutual's corporate finance function, including corporate planning and budgeting, financial reporting, internal management reporting, tax management, investor relations and financial accounting. The search will be conducted by Heidrick & Struggles International, Inc., a premier provider of executive-level search and leadership consulting services.

"This move reflects the growing trend of expanding the corporate risk function within large multi-faceted companies such as Washington Mutual," said Kerry Killinger, Washington Mutual's chairman, president and chief executive officer. "It is also indicative of proactive planning to ensure that the depth of our management team continues to evolve to keep pace with our growth and Washington Mutual's changing needs."

"Bill's vast experience and expertise will be crucial in his new position and equally valuable in ensuring a seamless transition for the new CFO," added Killinger. "We are excited by the prospects of having two very talented executives leading these important areas of the company as we position Washington Mutual for the next generation of growth."

"I am excited about this new challenge," said Longbrake, "as it allows me to focus all of my energy on a critically important and strategic area for our growing company." Longbrake will continue his current responsibilities as CFO through the transition and take an active role in the efforts to recruit the new executive.

Longbrake joined Washington Mutual in 1982 as executive vice president and chief financial officer, a position he held until 1995 when he began a 19-month assignment as chief financial officer and deputy to the chairman for finance at the Federal Deposit Insurance Corp. (FDIC). He assumed his current position upon his return in 1996. He was named "CFO of the Year" in 2001 in the "Driving Revenue Growth" category by CFO Magazine. Presently, Longbrake is a Director of the Federal Home Loan Bank of Seattle and is a member of the Board of America's Community Bankers.

    About Washington Mutual, Inc.
With a history dating back to 1889, Washington Mutual is a national financial services company that provides a diversified line of products and services to consumers and small- to mid-sized businesses. At Dec. 31, 2001, Washington Mutual and its subsidiaries had consolidated assets of $242.51 billion. Washington Mutual currently operates more than 2,300 consumer banking, mortgage lending, commercial banking, consumer finance and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamu.com.

CONTACT:          Washington Mutual, Inc.
                  Alan Gulick, 206/377-3637
                  (Investor Relations)
                  JoAnn DeGrande, 206/461-3186
                  Ruthanne King, 206/461-6421

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