Jun 2, 2008
Wachovia Board Forces Out CEO Ken Thompson
Wachovia's board of directors has asked Chief Executive Ken Thompson to retire.
Thompson will be replaced on an interim basis by Lanty Smith. Smith currently serves as chairman of Charlotte, N.C.-based Wachovia Corp., which ranks as the nation's fourth-largest bank holding company based on assets.
Smith has been chairman since early May, when the national bank decided to separate the chairman and chief executive positions.
Thompson has been under fire from shareholders because of recent losses at the bank tied to deterioration in the credit and lending markets.
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