Washington Mutual Retail Banking Chief to Resign

Washington Mutual Inc., the nation’s largest savings and loan, said Wednesday that retail banking president Deanna Oppenheimer would resign from the company to pursue other business ventures.

Many analysts have called Oppenheimer, 46, one of the most influential women in U.S. banking. In 2003, she ranked fifth in U.S. Banker magazine’s survey of the most powerful female bankers.

Oppenheimer, a 20-year Washington Mutual veteran, was named to her current position in September 2003, and is the Seattle-based bank’s top female executive.

She was to have worked with Stephen Rotella, appointed two weeks ago to the new position of president and chief operating officer, spokesman Alan Gulick said.

Washington Mutual, which operates nearly 600 retail banking branches and more than 100 mortgage centers in California, did not name a successor for Oppenheimer, whose last day will be March 1. Rotella, a former J.P. Morgan Chase & Co. mortgage executive, begins his new job Monday.

In a statement, Oppenheimer said she had accomplished her goals at Washington Mutual, and decided to leave after what she called “many months of careful consideration.”

Chief Executive Kerry Killinger said he respected Oppenheimer’s decision and appreciated her “countless contributions” over the years.

Washington Mutual last year cut its 2004 profit forecast, eliminated several thousand jobs and closed dozens of loan centers amid a steep slowdown in mortgage lending.

Oppenheimer had been running retail and mortgage banking at Washington Mutual for 10 months when Craig Chapman, who had run the bank’s commercial finance unit, took over the mortgage business in July.

Despite the mortgage weakness, Washington Mutual reaffirmed its plans Wednesday to continue its recent pace of opening about 250 retail branches a year.

Shares of Washington Mutual fell 65 cents to $40.98 on the New York Stock Exchange.