Washington Mutual announced today that it has expanded its executive team with the creation of a new risk management position. William Longbrake, the firms CFO, will become vice chair of enterprise risk management.
Longbrake will now be responsible for company-wide risk management involving asset and liability management, capital and interest rates, auditing and general operations, the firm said.
"This move reflects the growing trend of expanding the corporate risk function within large multi-faceted companies such as Washington Mutual," said Kerry Killinger, Washington Mutual's CEO.
The firm is now conducting an external search to replace the vacant CFO position. The search will be conducted by Heidrick & Struggles International, an executive search and consulting firm.
Longbrake joined Washington Mutual in 1982 as the firms CFO. In 1995, he left to become CFO and deputy to the chairman for finance for the Federal Deposit Insurance Corp., but reassumed his role with Washington Mutual in 1996.