WaMu CEO Departs, New Exec Named (Update)

Updated from Sept. 7

Washington Mutual (WM Quote) announced early Monday a shakeup of its top brass. Chairman and CEO Kerry Killinger is out, and taking his place is WaMu outsider Alan Fishman.

The executive change, first reported Sunday night on the The Wall Street Journal's Web site, initially sent shares of the Seattle thrift soaring in premarket trading Monday. The stock opened up 19.4% at $5.10 on a gap higher, but recently shares reversed and were trading down 42 cents, or 10%, at $3.85.

Fishman is chairman of Meridian Capital Group, a commercial mortgage brokerage firm, and a former COO of Sovereign Bank (SOV Quote), a Philadelphia thrift he left in 2007. ...