Waterbuffalo
06-06-2008, 10:22 AM
http://seattletimes.nwsource.com/html/businesstechnology/2004453634_wachovia03.html
"By Rick Rothacker, The Charlotte Observer
"Less than a month after losing his chairman post, Ken Thompson is out as Wachovia's chief executive officer as the Charlotte, N.C., bank wrestles with mounting losses from its troubled Golden West Financial acquisition and ongoing investor unrest.
Wachovia said Monday that Thompson, 57, had retired at the board's request, ending more than a three-decade career at the nation's No. 4 bank by assets.
The board appointed Chairman Lanty Smith as interim CEO. Ben Jenkins, vice chairman and general bank president, will be interim chief operating officer.
The board has formed a special committee to search for a permanent CEO. In a conference call with reporters, Smith said the internal and external candidates would be considered. He gave no time frame for hiring but said the search would be done with "alacrity."
Analysts, surprised by the timing of the announcement, said it raised questions about the possibility of more bad news from the company or a potential takeover."
"By Rick Rothacker, The Charlotte Observer
"Less than a month after losing his chairman post, Ken Thompson is out as Wachovia's chief executive officer as the Charlotte, N.C., bank wrestles with mounting losses from its troubled Golden West Financial acquisition and ongoing investor unrest.
Wachovia said Monday that Thompson, 57, had retired at the board's request, ending more than a three-decade career at the nation's No. 4 bank by assets.
The board appointed Chairman Lanty Smith as interim CEO. Ben Jenkins, vice chairman and general bank president, will be interim chief operating officer.
The board has formed a special committee to search for a permanent CEO. In a conference call with reporters, Smith said the internal and external candidates would be considered. He gave no time frame for hiring but said the search would be done with "alacrity."
Analysts, surprised by the timing of the announcement, said it raised questions about the possibility of more bad news from the company or a potential takeover."