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Originally published Thursday, October 2, 2008 at 12:00 AM

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WaMu CEO Fishman won't accept any severance pay

Alan Fishman, named Washington Mutual's CEO just 18 days before it was seized by federal regulators, will not accept a multimillion-dollar severance payment even if he is entitled to it.

By Melissa Allison

Seattle Times business reporter

Alan Fishman, named CEO of Washington Mutual just 18 days before federal regulators seized it, will not accept a multimillion-dollar severance payment even if he is entitled to it, a spokesman representing him said Wednesday.

"It is doubtful that Mr. Fishman would be entitled to severance payments under his contract because of FDIC regulations, but in any event, he would not accept severance under these circumstances," the spokesman said Wednesday in an interview.

He would not comment on whether Fishman would keep a $7.5 million signing bonus or whether he is still employed at WaMu.

Fishman's employment contract made him eligible for $11.6 million in cash severance, according to James F. Reda & Associates, a compensation-consulting firm in New York.

Melissa Allison: 206-464-3312 or mallison@seattletimes.com

Copyright © 2008 The Seattle Times Company

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