SEATTLE--(BUSINESS WIRE)--Nov. 2, 2005--Washington Mutual, Inc.
(NYSE:WM) announced today that it has hired Ronald J. Cathcart to be
executive vice president and chief enterprise risk officer, effective
Dec. 1. Cathcart replaces retiring Chief Enterprise Risk Officer James
Vanasek, who will remain with the company through the end of the year
to ensure a smooth transition of responsibilities.
Cathcart, 53, will be responsible for the oversight of the credit,
market, and operational risk functions for the company. He will be
located at the company's headquarters in Seattle and will report
directly to Kerry Killinger, Washington Mutual's chairman and chief
Cathcart joins Washington Mutual from the Canadian Imperial Bank
of Commerce (CIBC) where he served as executive vice president, Retail
Risk Management, responsible for risk associated with the company's
$120 billion consumer lending portfolio. He brings to Washington
Mutual over 23 years of experience in risk management policy and
governance, Basel II compliance, risk-based modeling, and enterprise
risk management principals. Prior to working for CIBC, Cathcart was
executive vice president of risk management for Bank One's retail
operations. He also held executive positions with the Royal Bank of
"Ron has a proven track-record in developing and leading risk
management organizations," said Killinger. "He is a seasoned
professional with a deep understanding and familiarity with all facets
of risk management. He is the right person to continue to build on the
solid risk management discipline and excellent foundation that Jim and
his team have created at Washington Mutual."
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
September 30, 2005, Washington Mutual and its subsidiaries had assets
of $333.62 billion. Washington Mutual currently operates more than
2,500 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.
Alan Gulick, 206-377-3637 (Media Contact)
Alan Magleby, 206-490-5182 (Investor Relations Contact)
SOURCE: Washington Mutual, Inc.