Washington Mutual

(WM) - Get Report

is forcing out Chairman and CEO Kerry Killinger, according to a report on

The Wall Street Journal's

Web site Sunday evening.

Killinger will be replaced by Alan Fishman, according to the report, which cited people familiar with the plans. Fishman is the current chairman of commercial mortgage broker Meridian Capital Group and former COO of

Sovereign Bank

(SOV)

.

The Seattle thrift is expected to announce the executive changes before the stock market open Monday.

Killinger joined WaMu in 1982 and worked his way up to the CEO position in 1990.

WaMu lately has been struggling with a large exposure to some of the riskiest mortgage products so popular during the recent housing boom, making the firm a

bellwether of sorts for the mortgage crisis

. The company reported a

huge second-quarter net loss of $3.3 billion

in July.

WaMu shares, which have lost nearly 70% year to date, closed Friday up 5.6% at $4.27. In the last year, the stock has traded between $3.03 and $39.25.

This article was written by a staff member of TheStreet.com.