Chief Executive Kerry Killinger will step down as chairman of Washington Mutual.


Last April, WaMu shareholders voted to replace Killinger with a non-employee as board chairman.


Stephen Frank, retired CEO of Southern California Edison and current lead director on WaMu’s board, will replace Killinger on July 1. 


Killinger will remain on the board and maintain his CEO position. Washington Mutual’s board also changed the leadership of three committees and began a search for people with financial services experiences to serve as independent directors.


Orin Smith will replace resigned chair of WaMu’s finance committee Mary PughDavid Bonderman, managing director of private equity group TPG, will serve as vice chair of the committee.


The chairs of WaMu’s governance committee and corporate relations committee have been removed, and additional directors are being sought.

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