WaMu: Perfect Timing
Submitted by Ben Stevens on Mon, 06/02/2008 - 23:06
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Just as Washington Mutual, Inc. (NYSE:WM) shares are 20 Cents away from a 52-week low, Kerry Killinger gets knocked off as chairman. He's still the CEO, but let's face it, once you run the company shares down from $44 to $8 it's only a matter of time. Killinger's days are now officially numbered.
Today WaMu announced independent director Stephen E. Frank will take over July 1 as chairman. The company says it is one of several measures to strengthen corporate governance and return to profitability.
WaMu shares have been knocked down 79% in the past 52 weeks. Horrible.
During the first quarter, Washington Mutual lost more than $1.1 billion and set aside $3.5 billion to cover defaulted loans.
Killinger is 58 and has been CEO since 1990 and chairman since 1991. Frank is 66 and has served on WaMu's board since 1997.
Place your bets Masters, until WM shares sink below $8 we'll stay away. However there could be a nice bounce should shares hit $8.50.
Recent Analyst take:
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Disclaimer: No positions in WM.
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