Washington Mutual Legal Chief to Retire

Washington Mutual Inc. said Monday that Fay L. Chapman, its senior executive vice president and chief legal officer, plans to retire.

Chapman, 61, will serve as a consultant to the bank for two years to assist with the transition and provide special counsel, Washington Mutual said.

Chapman joined the bank in 1997 and was named senior executive vice president and general counsel in 1999.

Washington Mutual said its board named Stewart M. Landefeld, a partner with Perkins Coie LLP, as interim chief legal officer. It also hired Heidrick and Struggles to help search for a permanent replacement.

Washington Mutual shares fell 7 cents to $14.85 in aftermarket trading, after falling 23 cents to $14.92 in the regular session.