Alan H. Fishman

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Alan H. Fishman (born 16 March 1946 [1]) is an American businessman. He was notably the last CEO of Washington Mutual (WaMu)[2] prior to its assets being seized by federal regulators on September 25, 2008.[3]

Education and Career[edit]

Fishman holds a bachelor's degree from Brown University and a master's degree in economics from Columbia University. He was previously president and chief operating officer of Sovereign Bank and president and chief executive officer of Independence Community Bank.[citation needed] He has served as chairman of Meridian Capital Group (beginning in 2007), one of the nation's largest commercial mortgage brokerage firms.[4] He has been a private equity investor, focusing on financial services at Neuberger & Berman, Adler & Shaykin and at his own firm Columbia Financial Partners. In addition, he held senior executive positions at Chemical Bank and ContiFinancial Corporation.[citation needed]

Fishman was Chairman of the Board of Trustees of Brooklyn Academy of Music, on which he served for nearly thirty years, until January 2017.[5]

Washington Mutual[edit]

Fishman joined WaMu on 8 September 2008, replacing outgoing CEO Kerry Killinger as part of that bank's restructuring in the face of the subprime mortgage crisis of 2008.[6] He served as the bank's CEO for 17 days before its banking assets were seized by federal regulators on in the largest bank failure in American history.[3] WaMu's banking operations were sold to JPMorgan Chase for $1.9 billion,[3] while the remainder of WaMu declared bankruptcy the next day.[7]According to C-Span on 26 September 2008, Alan H. Fishman was ultimately paid $19 million for three weeks of being with Washington Mutual, including severance pay.[8] Meanwhile, the company's stock price dwindled to only pennies after trading as high as $45 a share in 2007. The previous CEO was paid $14 million for one year on the job.

References[edit]

  1. ^ "Biography of Alan Fishman". Marquis Who's Who. Retrieved 2008-12-29.[dead link]
  2. ^ Lepro, Sara (2008-09-09). "Washington Mutual Replaces Its CEO". ISSN 0190-8286. Retrieved 2017-11-09.
  3. ^ a b c Dash, Eric; Sorkin, Andrew Ross (2008-09-25). "Government Seizes WaMu and Sells Some Assets". The New York Times. ISSN 0362-4331. Retrieved 2017-11-09.
  4. ^ "FOXNews.com - WaMu Gives New CEO Mega Payout as Bank Fails - Local News | News Articles | National News | US News". 2008-12-05. Retrieved 2017-11-09.
  5. ^ Brooklyn Academy of Music. "BAM announces Adam E. Max as Chairman of the Board of Trustees" (PDF). Brooklyn Academy of Music press release. Retrieved January 28, 2017.
  6. ^ "WaMu replaces CEO, signs agreement with regulator". Retrieved 2008-12-29.
  7. ^ Sidel, Robin; Enrich, David; Fitzpatrick, Dan (2008-09-26). "WaMu Is Seized, Sold Off to J.P. Morgan, In Largest Failure in U.S. Banking History". Wall Street Journal. ISSN 0099-9660. Retrieved 2017-11-09.
  8. ^ "WaMu Gives New CEO Mega Payout as Bank Fails". FOX. 2008-09-26. Archived from the original on 5 December 2008. Retrieved 2008-12-29.

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