Text size [+][-] Wednesday January 7 2009GLOBAL EDITION
Home > Wachovia/Ken Thompson
By Dwight Cass
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Wachovia ousted Ken Thompson as its chief executive on June 2. It appointed its chairman, Lanty Smith, as its interim CEO. Smith will head a search committee to find a new chief executive. Thompson was stripped of his chairman role in May after the bank reported a $708m first-quarter loss and cut its dividend by 41% in April. It also raised $8bn of capital at the time. Thompson was the architect of Wachovia’s $26bn acquisition of Golden West Financial in 2006, which saddled the company with a large portfolio of option adjustable-rate mortgages.
dwight.cass@breakingviews.com
