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Why JP Morgan shows the door to Alan Fishman and Steve Rotella?
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 3, 2008
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JPMorgan Chase won’t offer a job to Former WaMu CEO Alan Fishman, who replaced Kerry Killinger last month, and certain other high-level executives. JPMorgan last week purchased the bank assets of Washington Mutual, the nation’s largest savings and loan association, for $1.9 billion, after federal regulators took over WaMu’s operations.
JPMorgan told new employees that in addition to Alan Fishman, employees that won’t be retained include COO Steve Rotella, chief legal officer Michael Solender, and executive vice president Todd Baker. The departing executives will not receive any special severance payments beyond what ordinary employees get. JPMorgan will convert WaMu branches to its own Chase brand until the end of 2010 to complete that process, which involves merging the branches’ computer systems.
Other executives who are leaving include Frank Baier, who followed Fishman to WaMu last month; human resources Chief Daryl David; corporate strategy and development chief Todd Baker; and chief legal counsel Michael Solender. Executives who will stay include head of home loans David Schneider, head of commercial lending Al Brooks, chief information officer Deb Horvath, chief risk officer John McMurray and head of credit card operations Tony Vuoto.
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