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Bankruptcy court approves Williams as WaMu president
December 31, 2008 / 10:58 PM / 9 years ago

Bankruptcy court approves Williams as WaMu president

<p>A Washington Mutual bank branch sign is shown in Encinitas, California September 18, 2008. REUTERS/Mike Blake</p>

(Reuters) - A U.S. bankruptcy court has granted a request from Washington Mutual WAMUQ.PK to appoint Robert Williams as president of the bankrupt savings and loan.

At a hearing on Tuesday in U.S. bankruptcy court in Delaware, Judge Mary Walrath approved the request to retain Williams through March 14, 2010, in line with the terms set forth in his offer letter. Williams had served as senior vice president and corporate treasurer of Washington Mutual Bank since February 2005.

WaMu had previously said in court documents that Williams’ employment was essential to successfully complete its outstanding tasks.

The company, which filed for bankruptcy protection in September and sold its key assets to JPMorgan Chase & Co (JPM.N), said only a few if its employees had the knowledge and experience that matched Williams’.

Williams will be paid a salary of $175,000 for the four month “critical period” starting November 13, 2008, through March 12, 2009, and a monthly salary of $75,000 through the “transition period” starting March 13, 2009, through November 13, 2009, according to court papers.

In the “consulting period” starting November 14, 2009 through March 14, 2010, Williams will get a salary of $50,000 a month, the filing said.

Williams will work with chief restructuring officer William Kosturos, the filing said.

Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan

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