Originally published Wednesday, October 1, 2008 at 12:00 AM

WaMu's Fishman would refuse $11M severance pay

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

By Melissa Allison

Seattle Times business reporter

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"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.

He would not comment on whether Fishman would keep a $7.5 million signing bonus or whether he is still employed at WaMu. The nation's largest thrift was taken over Sept. 25 by the Federal Deposit Insurance Corp., which sold most of it to JPMorgan Chase.

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

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