SEATTLE--(BUSINESS WIRE)--June 30, 2005--Washington Mutual, Inc.
(NYSE:WM) today announced that it has hired David C. Schneider to be
president of its Home Loans Division. Effective August 8, he will
oversee all aspects of the company's home loans business, including
its industry leading sales production team and $730 billion mortgage
servicing portfolio, reporting to Washington Mutual President and
Chief Operating Officer Steve Rotella. He will also become a member of
Washington Mutual's Executive Committee.
Schneider assumes the reins of the Home Loans Division from
Rotella who has served as acting head of the business since March. The
company announced its search for a permanent head of the Home Loans
Division at that time.
Schneider previously served as president and chief operating
officer of St. Louis-based CitiMortgage, Inc. He brings to Washington
Mutual a wealth of experience in mortgage lending, consumer lending,
retail banking and corporate finance.
"David Schneider has a proven track record of success in leading
and growing a national home lending business, as well as solid
experience with cross selling home loans across a retail banking
network and other distribution channels," said Rotella. "This powerful
combination makes him an excellent addition to the Washington Mutual
senior management team."
Schneider is the most senior new-hire to join Washington Mutual's
Home Loans business over the past six months, resulting in what
Rotella calls "one of the most experienced and talented teams in the
While at CitiMortgage, Schneider led the organic growth of the
company and the successful integration of two acquired mortgage
companies, First Nationwide and Principal Residential. He also
engineered several successful growth and operational efficiency
initiatives that resulted in notable improvements in loan processing
times, deeper mortgage product penetration among retail bank and
brokerage customers, and a significant increase in home loan market
"We're confident that David Schneider's broad financial services
experience and proven ability to create synergies between home loans
and other retail businesses fits well with our plans to grow within
and across all our businesses," Rotella added.
Prior to joining CitiMortgage in April 2001, Schneider, 39, served
as executive vice president of Retail Banking for Old Kent Financial
Corporation, a Michigan-based commercial bank holding company that was
acquired by Fifth Third Bancorp in 2001. He joined Old Kent in June
1992 and served as chief financial officer of Old Kent Mortgage until
1997. He left the company for one year to serve as a managing partner
of Stratmor Group, a consulting and investment banking firm
specializing in the mortgage banking industry, but later returned to
Old Kent to head up its retail banking unit with responsibility for
the company's consumer deposits, consumer lending, business banking,
and leasing operations. He also oversaw the branch network and its
direct banking unit -- telephone banking, internet banking, debit
cards and ATM network.
Schneider currently is president of the Consumer Mortgage
Coalition and is a member of the Housing Policy Council's Executive
Schneider holds a BSBA in accounting from Babson College in
Wellesley, Massachusetts, and an MBA from Indiana University. He is
also a licensed CPA.
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, 2005, Washington Mutual and its subsidiaries had assets of $319.70
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
Adrian Rodriguez, 206-377-3268, Adrian.email@example.com
Sheri Pollock, 206-377-2138, firstname.lastname@example.org
Investor Relations -
Alan Magleby, 212-326-6019 or 206-490-5182
SOURCE: Washington Mutual