SEATTLE--(BUSINESS WIRE)--Feb. 28, 2005--Washington Mutual, Inc.
(NYSE:WM) announced the promotion of two veteran executives to lead
the company's Retail Banking unit. The Retail Bank will be led by
Michael Amato, president of Retail Banking Distribution and by Ken
Kido, president of Banking Products and Operations. They report to
Stephen Rotella, Washington Mutual's president and chief operating
The company also announced it has begun a search for a new head of
its Home Loans business. This move will allow Craig Chapman to focus
exclusively on growing the company's commercial lines of business in
his continued role as president of the Commercial division, which
includes Washington Mutual's leading multifamily and non-prime
businesses. Chapman previously led both the Home Loans and Commercial
divisions. Rotella will act as head of the Home Loans division until
the search is completed.
The company also said it recently added three new senior leaders
to the mortgage unit. They are: John Berens, senior vice president,
Service Delivery; Youyi Chen, senior vice president, Mortgage
Portfolio Management and Research; and Bill Murray, senior vice
president and division finance officer, Mortgage Servicing. All three
came to the company from JP Morgan Chase and report to Taj Bindra,
executive vice president, Home Loans Finance and Servicing Operations.
"Today's announcements demonstrate our commitment to build a
strong team both by promoting capable leaders and recruiting new
talent, and by deploying that talent where it can best be leveraged,"
said Kerry Killinger, Washington Mutual's chairman and chief executive
officer. Killinger added that Amato and Kido will join Washington
Mutual's Executive Committee, the company's strategic governing body,
on March 1.
"These changes will help build on the strong momentum of the
retail bank, and will allow us to continue to build upon the great
progress made in our Home Loans business under Craig's leadership,"
New Retail Leadership
As president of Retail Banking Distribution, Michael Amato
oversees nearly 2,000 financial centers in 14 states. He joined
Washington Mutual as a telephone banker in 1982. During his 23-year
career with Washington Mutual, he has held a broad range of management
positions including sales manager for the company's securities
brokerage subsidiary WM Financial Services (formerly known as Murphey
Favre), and several regional and group sales management positions with
the company's banking subsidiaries throughout the Pacific Northwest
As president of Banking Products and Operations, Ken Kido oversees
all aspects of the company's consumer lending and deposit product
management and operations. The 27-year banking veteran joined
Washington Mutual in 2001 as senior vice president of Retail Bank
Products and Services. Under his stewardship, the company has nearly
tripled its home equity lending volumes. Prior to joining Washington
Mutual, Kido spent 24 years with Bank of America, most recently as
head of its consumer card division, and also served as senior vice
president of BofA's Asian retail card issuance business based in Hong
"Mike Amato and Ken Kido are highly capable leaders who have
played instrumental roles in helping to shape and implement Washington
Mutual's successful retail banking expansion nationally," said
"This high-performance team -- which has worked together
successfully for several years -- is the right tandem to continue the
execution of our Retail Banking strategy, including the expansion of
our retail store network, the growth of consumer and small business
deposits and increasing account relationships with our customers," he
Expanding Home Loans Team
John Berens will join WaMu on March 7 to manage the service
delivery team for the company's Home Loans division. Berens has 22
years of experience in mortgage servicing, including the prime,
non-prime and home equity business, as well as significant expertise
in managing default and collections groups. In his previous position,
he served as senior vice president of default servicing for a $550
billion portfolio in mortgage products and managed a staff of more
than 2,000 employees.
Youyi Chen, Ph.D., leads the newly created Mortgage Portfolio
Management and Research Group. Under his strong leadership, this group
will be responsible for consumer behavioral research into pricing
sensitivity; prepayment modeling and analysis; and portfolio
management including the management of pricing, risk analytics and
funding strategies. Most recently, he served as a senior vice
president responsible for managing the interest rate risks of JP
Morgan Chase's mortgage servicing rights (MSR) portfolio.
Bill Murray, a mortgage business veteran, will become division
finance officer of Mortgage Servicing on March 1. In this role, Murray
will be responsible for forecasting, planning, reporting, risk
analytics, communication, and performance management for MSR and
Service Delivery. He will be located in the company's New York City
office. At his former company, Murray led the MSR valuation, pricing
and reporting functions for the Capital Markets group.
"We're very pleased to have recruited such fine talent to our Home
Loans team, and we're confident we'll soon find a seasoned mortgage
executive to lead this group going forward. In the meantime, I look
forward to working with this team, whom I know very well, to ensure we
sustain the excellent progress that Craig Chapman has made in
transforming our mortgage business," said Rotella.
"This move will allow Craig to devote his full attention to
growing our commercial lines of our business, including our
market-leading multi-family lending business and non-prime lending
business which represent a tremendous opportunity for Washington
Mutual," Rotella added.
Executing the 5-Year Plan
The company said the entire team will work together to ensure a
smooth transition and remain focused on executing the core strategies
it has laid out in its newly adopted 5-year plan. This includes:
-- Continuing to grow its superior retail banking model, and
opening approximately 250 new retail banking stores each year
for the foreseeable future;
-- Transforming the company's mortgage business and maintaining a
leading national position in mortgage lending;
-- Continuing to grow its commercial business, including its
market-leading multi-family lending operation; and,
-- Maintaining risk management as a top priority.
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 December
31, 2004, Washington Mutual and its subsidiaries had assets of $307.92
billion. Washington Mutual currently operates more than 2,400 retail
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 -
Libby Hutchinson, 206-461-2484
Investor Relations Contact -
Alan Magleby, 206-490-5182 or 212-702-6955
SOURCE: Washington Mutual, Inc.