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Beleaguered WaMu Names a New CFO

Turnaround expert John Maciel is called on to fill the CFO spot.
Stephen TaubNovember 20, 2008

As it continues to sort through its assets and liabilities while in bankruptcy, Washington Mutual names a new chief financial officer and president. The new CFO is turnaround specialist John A. Maciel, who has been working with the company as executive vice president, additional restructuring officer, and assistant secretary and assistant treasurer.

Along with his new finance chief title, Maciel was also named general auditor and controller of Washington Mutual. He replaces William Kosturos who continues to serve as chief restructuring officer, executive vice president and secretary of the company.

In September, Washington Mutual collapsed under the weight of losses tied to bad mortgages and a subsequent bank run in which depositors withdrew more than $16 billion. As a result, Washington Mutual agreed to sell its banking operations to JPMorgan Chase for $1.9 billion in a deal brokered by the U.S. Treasury.

Wamu Marciel 2

Maciel will serve as Washington Mutual’s designated principal financial officer and principal accounting officer for Securities and Exchange Commission reporting purposes. Under his employment deal, Maciel he will continue to work for turnaround firm Alvarez & Marsal North America, and will not receive any compensation directly from Washington Mutual. He is being paid $540 per hour. Since 2005, Maciel has been a senior director at the turnaround firm.

Prior to Alvarez and Marsal, Maciel consulted for a variety of companies where he managed and supervised projects regarding major reorganization, financial planning and reporting, and Sarbanes Oxley Act compliance. Immediately prior to his employment with the turnaround firm, Maciel was an independent contractor for Hexcel Corp., supervising Sarbanes Oxley controls implementation, among other things.

Washington Mutual also Robert J. Williams, Jr. was named President of Washington Mutual.

He had served as Senior Vice President and Corporate Treasurer of Washington Mutual Bank since February 2005. Prior to his employment with Washington Mutual Bank, Williams served in various positions with SunTrust Bank, including as Senior Vice President, Corporate Treasury from 2000 until February 2005.

He will receive a monthly salary of $175,000 through March 12, 2009. During this time, he will serve as a full-time officer and employee. From March 13, 2009 until November 13, 2009, Williams will serve in a part-time capacity as President, at a monthly salary of $75,000.

From November 14, 2009 through March 14, 2010, Williams will serve as President part-time at a monthly salary of $50,000.