WaMu and Marsh leaders out the door

Washington Mutual Inc. board chairman Kerry Killinger and Marsh & McLennan Cos. Inc.’s chief financial officer and vice president Matthew B. Bartley will leave their jobs because the firms have not performed well. Mr. Killinger will leave as board chairman July 1, with his responsibilities filled by independent director Stephen E. Frank. He will, however, remain as the Seattle-based savings and loan bank’s chief executive officer and director. The move comes after WaMu incurred $1.6 billions in write-downs late last year tied to the nation’s credit crisis. The losses prompted the bank to exit the subprime-mortgage business (InvestmentNews April 7). Mr. Bartley, who has served as Marsh & McLennan CFO since 2006, will retain his titles with the New York-based insurance brokerage firm until a successor is named. In the first quarter, Marsh posted an earnings loss of $210 million, or $0.40 per share attributed to a $425 million write-down.