Anchor BanCorp's (ABCW) Chairman Doug Timmerman To Step Down as Chairman, CEO

February 9, 2009 1:52 PM EST

The Board of Directors of Anchor BanCorp Wisconsin Inc. (Nasdaq: ABCW) announced that it has created the position of Lead Director and appointed David L. Omachinski, a current member of the Board of Directors, to that position. Mr. Omachinski has been a member of the Board since 2002, chairs the Board's Audit Committee and is a certified public accountant. Previously, Mr. Omachinski served as President/Chief Operating Officer and prior to that, Vice President/Chief Financial Officer of Oshkosh B'Gosh Company. Following the sale of Oshkosh B'Gosh to Carter's in 2005, Mr. Omachinski has had an active management consulting practice.

The Lead Director is an outside independent director who will provide regular, ongoing reports to the Board of Directors and who will actively review management and the ongoing operations of the Company. The Lead Director will consult with and assist management both in day-to-day operations and in developing and achieving short and long-term goals and strategies for the Company.

Also, Anchor BanCorp Wisconsin announced that Doug Timmerman will step down as Chairman and Chief Executive Officer sometime during the third quarter of calendar 2009. Timmerman will remain on the Board of Directors and will continue to perform consulting services for the duration of his current employment agreement.
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