Irwin Financial Corp., a mortgage banker and home equity lender based in Columbus, Ind., has announced that it will eliminate the position of executive vice president held by 31-year company veteran Thomas D. Washburn as of Dec. 30.As of that date, the 60-year-old Mr. Washburn will assume the title of vice chairman to help the company shift his responsibilities to others by June 30, 2008, Irwin said. His current direct responsibilities as chairman of the company's three lines of business will be transferred on Dec. 30 to Irwin chairman and chief executive William I. Miller. The company said Mr. Washburn's separation agreement includes payment to him of approximately two times his current base salary and target bonus, among other things, and is expected to cost the company approximately $1.1 million. The company can be found online at http://www.irwinfinancial.com.
