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Washington Mutual Names Debora Horvath Chief Information Officer

SEATTLE--(BUSINESS WIRE)--May 10, 2004--In a move that continues its focus on operational excellence, Washington Mutual, Inc. (NYSE:WM) today announced the appointment of 25-year General Electric Company veteran Debora Horvath to the post of executive vice president and chief information officer (CIO).

Horvath will actively join the company in June and will oversee the company's enterprise-wide technology efforts. She will be part of the company's executive management team.

"Over the past year, we have increased our efforts to develop a more integrated approach to managing our businesses and driving operational efficiency," said Kerry Killinger, the company's chairman, president and CEO. "This move represents our continued effort to build upon the solid momentum we have established in our technology areas. Deb is a seasoned professional with a deep understanding of and familiarity with all facets of technology and operational excellence. She has precisely the right expertise to help take our technology efforts to the next level."

Horvath has a solid track record of integrating multiple technologies to produce substantial savings while enhancing customer service.

"This is a great opportunity to return to Seattle and join a company that is truly redefining the banking industry," Horvath said. "I am excited to join a top-notch team that views technology as an integral part of the company's long-term success."

Horvath, who began her career with GE in 1979, assumed her first GE CIO executive position in 1993 as vice president and CIO with Great Northern Annuity (GNA) in Seattle. She was promoted to senior vice president of that group in 1995. As a member of the GE Capital Information Management Council, she led the information technology due diligence for all acquisitions supporting GNA's acquisition growth from $6 billion to $40 billion in assets under management.

In 1997, she became senior vice president, CIO and chief technology officer (CTO) for GE Financial Assurance and was senior vice president, CIO and eBusiness Leader for the group from 2000-2002. During those five years, she served as a member of the GE Information Management Council and was recognized by GE with the CIO Award for Driving Competitive Advantage.

For the past two years, she has served as senior vice president and CIO for Richmond, Virginia-based GE Insurance. There, she led a global information technology organization with a $500 million budget.

Horvath graduated from Baldwin Wallace College in Ohio, in 1984. She also attended the MIT Sloan School Executive Program in 1999 and is a certified Six Sigma Black Belt.

In a related move, Jerry Gross, who was the company's executive vice president and CIO, has assumed a new role as executive vice president, Technology. He will focus on special technology projects and will continue to report to Chapman.

About Washington Mutual

With a history dating back to 1889, Washington Mutual is a retailer of financial services that provides a diversified line of products and services to consumers and commercial clients. At March 31, 2004, Washington Mutual and its subsidiaries had assets of $280.77 billion. Washington Mutual currently operates more than 2,400 consumer banking, mortgage lending, commercial banking and financial services offices throughout the nation. Washington Mutual's press releases are available at www.wamunewsroom.com.

    CONTACT: Washington Mutual, Inc.
             Media Contact:
             Alan Gulick, 206-377-3637
             Investor Relations Contact:
             Ruthanne King, 206-461-6421

    SOURCE: Washington Mutual, Inc.