CNN reports that Washington Mutual CEO Alan Fishman could walk away with more than $18 million in salary, bonuses, and severance after less than three weeks on the job, according to the terms of his employment agreement.

 

JPMorgan Chase grabbed up the banking assets of Seattle-based Washington Mutual on Thursday after federal regulators seized the company, making it the largest bank failure in history. Jamie Dimon, CEO of JPMorgan, told reporters no decisions have been made about the fates of WaMu senior executives.

 

Still, the demise of WaMu is likely to be the end of Fishman’s brief tenure at the helm. Fishman was hired on September 7, replacing former long-time CEO Kerry Killinger, who was ousted as a result of the company’s financial woes. Fishman had a base annual salary of $1 million, which translates to $19,230 per week. So for his three weeks on the job, he would receive a base pay of about $60,000 before taxes. His target annual bonus was 365% of his salary, or $3.65 million. In the agreement, it was unclear how much of the annual bonus he would be eligible for, if any. Fishman also got a multi-million dollar sign-on bonus of $7.5 million. But he may have to pay it back, depending on certain conditions outlined in the agreement.

 

If Fishman is terminated without “cause” -- which could mean the loss of a job due to a takeover of the firm -- then he would receive a lump severance payment of $6.15 million. When you add up his salary, the possible bonuses, and the lump sum payment, Fishman could walk away with more than $18 million.

 

Robert Willemstad, former chief executive officer of insurance giant AIG, which the government purchased 80% of after giving it an emergency $85 billion-dollar loan, was dismissed last week after only about three months on the job. Willemstad has reportedly decided not to accept his $22 million severance package since AIG shareholders and employees had lost so much money as a result of its meltdown.

 

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