WaMu: All directors approved by shareholders
A day after a contentious Washington Mutual Inc. shareholders meeting, the troubled Seattle thrift said that all of its directors up for election received a majority of shareholder votes.
An early tally released Tuesday by union pension advisory group Change to Win Investment Group, which has lobbied against the company's board, indicated that two board members did not receive a majority of shareholder votes, but on Wednesday, Washington Mutual officials said all board members received majority votes.
Mary E. Pugh, chair of the bank's finance committee, stepped down before the start of Washington Mutual's volatile annual meeting. Pugh had been among the directors strongly criticized by shareholder groups upset about the thrift's mounting losses.
The bank did indicate that a plan for an independent board chairman, which was opposed by the board, was approved by shareholders by a preliminary margin of 51.5 percent to 47.1 percent margin
Washington Mutual released the following preliminary results payday loans in 1 hour. Final vote totals will be reported in the company's (NYSE: WM) second quarter 2008 Form 10-Q, released in three months.
Director Percentage of Votes and Percentage of Votes Withheld
- Stephen I. Chazen 93.73% 6.27%
- Stephen E. Frank 61.05% 38.95%
- Kerry K. Killinger 88.85% 11.15%
- Thomas C. Leppert 94.02% 5.98%
- Charles M. Lillis 59.21% 40.79%
- Philip D. Matthews 69.77% 30.23%
- Regina T. Montoya 73.52% 26.48%
- Michael K. Murphy 73.08% 26.92%
- Margaret Osmer McQuade 60.91% 39.09%
- Mary Pugh 50.04% 49.96%
- William Reed Jr. 73.22% 26.78%
- Orin Smith 94.05% 5.95%
- James H. Stever 57.68% 42.32%