{{short description|American businessman and author (born 1949)}} '''Kerry Kent Killinger''' (born June 6, 1949) is an American businessman and author. He is founder and CEO of Crescent Capital Associates,<ref>https://www.linkedin.com/in/kerry-killinger-18279026 {{Self-published source|date=June 2022}}</ref> and previously served as chairman and chief executive officer of Washington Mutual from 1990 until 2008.<ref>{{Cite news| url = https://www.bloomberg.com/news/2013-12-03/ex-wamu-ceo-killinger-said-to-be-near-settlement-in-bank-failure.html|title= Ex-WaMu CEO Killinger Said to Be Near Settlement in Bank Failure |author= Jesse Hamilton |publisher=Bloomberg News |date = December 4, 2013}}</ref><ref>{{Cite web|url=https://www.cnbc.com/2012/06/20/the-inside-story-of-wamu-the-biggest-bank-failure-in-american-history.html|title=The Inside Story of WaMu - The Biggest Bank Failure in American History|first=Kirsten|last=Grind|date=June 20, 2012|website=CNBC}}</ref>

He and his wife Linda co-authored the 2021 book ''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today''.<ref>{{Cite book|url=https://www.simonandschuster.com/books/Nothing-is-Too-Big-to-Fail/Kerry-Killinger/9781948122764|isbn = 9781948122764|title = Nothing is Too Big to Fail|date = 23 March 2021|last1 = Killinger|first1 = Kerry|last2 = Killinger|first2 = Linda| publisher=RosettaBooks }}</ref> The book received the Axiom Business Book Awards Bronze Medal,<ref>{{Cite web|url=https://axiomawards.com/88/award-medalists/2021-medalists |title=2021 Medalists |date=31 October 2021 }}</ref> the Nautilus Award for Journalism and Investigative Reporting Silver Medal,<ref>{{Cite web |url=https://nautilusbookawards.com/2022-winners-cat-11-20/ |title=2022 Winners (Cat. 11-20) – Nautilus Book Awards }}{{Dead link|date=December 2025 |bot=InternetArchiveBot }}</ref> and the IPPY award for Finance/Investments/Economics.<ref>{{Cite web |url=https://ippyawards.com/164/2022-medalists |title=2022 Medalists- General Categories 1-58 |access-date=2022-07-21 |archive-date=2022-08-15 |archive-url=https://web.archive.org/web/20220815013303/https://ippyawards.com/164/2022-medalists |url-status=dead }}</ref>

==Early life and career== Kerry Kent Killinger was born in Des Moines, Iowa on June 6, 1949.<ref name="big book">{{cite book|url=https://books.google.com/books?id=Hb7gAAAAMAAJ&q=%22+kerry+kent+killinger%22+%22Des+moines%22|title=The Big Book of Library Grant Money|publisher=The Association|year=2002|isbn=9780838935200|page=1298}}</ref><ref name="international directory">{{cite web|url=https://www.encyclopedia.com/economics/news-wires-white-papers-and-books/killinger-kerry-k-1949|title=Kerry K. Killinger 1949–|work= International Directory of Business Biographies |date=2004|access-date=February 16, 2025}}</ref> He received his education at the University of Iowa, from which he received his BBA in 1970 and MBA in 1971.<ref name="international directory"/> He began his career in the financial services industry in 1972 as an investment analyst with Bankers Life Insurance Company of Nebraska, and moved on to Murphey Favre in 1976 where he rose from a securities analyst to executive vice president and director.<ref name="international directory"/>

==Washington Mutual== Killinger joined Washington Mutual in 1983 when it acquired Murphey Favre. Killinger was named executive vice president, and promoted in 1986 to senior vice president, and to director in 1988. He was named president of the company that same year, CEO in 1990, and chairman in 1991. American Banker named him its 2001 Banker of the Year. During his tenure as CEO, Washington Mutual grew from 30 branches and $7 billion of assets to over 2,000 branches and $300 billion of assets.

In 2003, Killinger predicted that by 2008, Washington Mutual would not be identified as a bank serving wealthy customers, but a consumer bank serving everyday people, and they ultimately served over 11 million customers during the tenure of the bank. He said "We hope to do to this industry what Walmart did to theirs, Starbucks did to theirs, Costco did to theirs and Lowe’s-Home Depot did to their industries."<ref>{{Cite news | url = https://archive.nytimes.com/www.nytimes.com/2008/12/28/business/28wamu.html | title = By Saying Yes, WaMu Built Empire on Shaky Loans | access-date = February 15, 2025 | last1 = Goodman | first1 = Peter S. | page = A1 |first2=Gretchen|last2= Morgenson | date = December 27, 2008 | work = The New York Times }}</ref>

In 2008, Washington Mutual faced mounting losses from the mortgage market and steep declines in stock prices as a result of the subprime mortgage crisis. The board of directors removed Killinger as CEO on September 8, 2008, replacing him with Alan H. Fishman.<ref>{{cite news|last=Lepro|first=Sara|title=Washington Mutual replaces CEO Kerry Killinger|url=http://hosted.ap.org/dynamic/stories/W/WASHINGTON_MUTUAL_CEO_WAOL-?SITE=WAYAK&SECTION=HOME&TEMPLATE=DEFAULT|date=September 8, 2008|publisher=Associated Press|access-date=February 15, 2025|archive-url=https://web.archive.org/web/20080908192946/http://hosted.ap.org/dynamic/stories/W/WASHINGTON_MUTUAL_CEO_WAOL-?SITE=WAYAK&SECTION=HOME&TEMPLATE=DEFAULT|archive-date=September 8, 2008|url-status=dead}}</ref> The Office of Thrift Supervision (OTS) seized Washington Mutual's banking divisions on September 25, 2008, and named the Federal Deposit Insurance Corporation as their receiver in the largest bank failure in the history of the United States.<ref>{{cite news |first=Ari |last=Levy |author2=Elizabeth Hester |title=WaMu Assets Sold to JPMorgan in Record Bank Failure |url=https://www.bloomberg.com/apps/news?pid=20601087&sid=acBgLSSWN0.8&refer=home |publisher=Bloomberg L.P. |date=September 26, 2008 |access-date=April 13, 2010}}</ref> The FDIC incurred no losses on the seizure and sale of Washington Mutual.

While CEO of Washington Mutual in 2007, Killinger earned a total compensation of $14,364,883.<ref>{{cite web|url=http://www.equilar.com/CEO_Compensation/WASHINGTON_MUTUAL_INC_Kerry_K._Killinger.php |title=Compensation for Kerry K. Killinger at Washington Mutual (WM) |publisher=Equilar |url-status=dead |archive-url=https://web.archive.org/web/20090207114737/http://equilar.com/CEO_Compensation/WASHINGTON_MUTUAL_INC_Kerry_K._Killinger.php |archive-date=2009-02-07 }}</ref> In 2008, he took home $25.1 million in compensation. Killinger received a $15.3 million severance payment in September 2008 "as well as a $445,200 lump-sum payment for vacation benefits and a $300,669 'special payment'".<ref>{{cite news |first=Drew |last=DeSilver |title=Killinger got $25M in WaMu's final year |url=http://seattletimes.nwsource.com/html/businesstechnology/2011590001_wamuside13.html |work=The Seattle Times |date= April 12, 2010 |access-date=April 13, 2010}}</ref>

In March 2011, Killinger and two other bank officers were sued by the FDIC for "reckless lending".<ref>{{Cite news | url=https://www.nytimes.com/2011/03/18/business/18bank.html | title=F.D.I.C. Sues Chief Executive in Washington Mutual Collapse | access-date=March 22, 2012 | last=Dash | first=Eric | page=1 | date=March 17, 2011 | work=The New York Times}}</ref> Killinger counter-sued the FDIC and all cases were settled in 2012 with no findings of fault.<ref name="auto">{{cite news|title=Former WaMu CEO Kerry Killinger maintains a low profile |url=http://www.bizjournals.com/seattle/print-edition/2013/09/20/former-wamu-ceo-kerry-killinger.html}}</ref> Investigations by the Securities and Exchange Commission and Department of Justice similarly concluded there were no findings of fault or basis to bring charges against Killinger or any executive officer of Washington Mutual.<ref name="auto"/>

The portrayal of Killinger’s role in WaMu's downfall, told by Wall Street Journal reporter Kirsten Grind in ''The Lost Bank: The Story of Washington Mutual —the Biggest Bank Failure in American History''<ref>{{cite news|title=The Lost Bank: The Story of Washington Mutual-The Biggest Bank Failure in American History |isbn = 978-1451617931|last1 = Grind|first1 = Kirsten|date = 16 July 2013| publisher=Simon and Schuster }}</ref> was challenged by Killinger in an open letter.<ref>{{cite news |first=Hugo |last=Hugiya |title=Former WaMu CEO Kerry Killinger maintains a low profile |url=https://www.bizjournals.com/seattle/print-edition/2013/09/20/former-wamu-ceo-kerry-killinger.html |publisher=The Business Journals |date=September 20, 2013 |access-date=March 2, 2020}}</ref>

==Philanthropy== Throughout his life, Killinger and his wife Linda supported charitable organizations and higher education institutions in Seattle, Des Moines, and Palm Desert.<ref>{{Cite web|url=https://thekillingerfoundation.org/|title=The Kerry and Linda Killinger Foundation|website=The Kerry and Linda Killinger Foundation}}</ref> Killinger received the Points of Light award from President George H.W. Bush for his philanthropy.<ref>{{Cite web|url=https://www.pointsoflight.org}}</ref>

In 2021, all proceeds of the Killingers' book ''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today'' were donated to charities engaged in criminal and social justice, government reform, civil discourse, and community building.<ref name="simonschuster">{{cite book|url=https://www.simonandschuster.com/books/Nothing-is-Too-Big-to-Fail/Kerry-Killinger/9781948122764|title=Nothing is Too Big to Fail|date=23 March 2021|publisher=Simon & Schuster|isbn=9781948122764|access-date=March 15, 2021}}</ref>

==Selected works== *''Nothing is Too Big to Fail: How the Last Financial Crisis Informs Today'' (2021, RosettaBooks; {{isbn|978-1948122764}})

==External links== * {{C-SPAN|1013525}} * [https://www.youtube.com/watch?v=_Q5H7mwj9b8 Interview at Bellevue Rotary]

==References== {{Reflist}}

{{DEFAULTSORT:Killinger, Kerry}} Category:1949 births Category:Living people Category:University of Iowa alumni Category:American chief executives of financial services companies Category:Businesspeople from Des Moines, Iowa Category:Businesspeople from Seattle