WaMu CEO Ousted

Washington Mutual replaced its chief executive on Monday as the nation's largest thrift tries to find a new leader to guide it through the housing crisis. The lender also said it signed an agreement with its main regulator, the Office of Thrift Supervision, which requires it to provide an updated business plan and forecasts for results, asset quality, capital and the performance of business segments. WaMu noted that the OTS agreement doesn't require the company to raise more capital, increase liquidity or change any of its products or services. Kerry Killinger, who was CEO of WaMu from 1990, will be replaced by Alan Fishman. Fishman was chief operating officer of Sovereign Bancorp, the nation's second-largest thrift, and CEO of New York-based Independence Community Bank, which Sovereign parent acquired for $3.6 billion in June 2006. He has joined WaMu's board.