Washington Mutual board makes big changes

The board of Washington Mutual is getting busy, as it should. It certainly doesn't want to be seen as a done-nothing sort of board that fiddled while the company burned. It announced that it has stripped controversial CEO Kerry Killinger of the chairman title. This is somewhat foreboding. Recall that Ken Thompson of Wachovia was similarly stripped before he was ousted outright. The WaMu board also issued a requirement that directors receive a majority of votes. And it named key outside directors as chairmen of the finance, governance and corporate relations committees. It also said it wants to hire more outside directors. Will this be enough? The jury is still out, but the at least the board is making the right moves.  

For more:
- here's the release

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