Wachovia (nation's fourth-largest bank) board forces out CEO Ken Thompson

Source: Associated Press

By IEVA M. AUGSTUMS

CHARLOTTE, N.C. (AP) - Less than a month after losing his chairman post, and more than two years after an ill-timed acquisition of California mortgage lender Golden West Financial Corp., Wachovia Corp. (WB) (WB) said Monday that board members have forced CEO Ken Thompson to retire from the nation's fourth-largest bank.

The board of the Charlotte-based bank said it asked Thompson to leave a few days ago, and acted Sunday to replace him on an interim basis with Chairman Lanty Smith. Smith replaced Thompson as chairman last month in a move the bank said "strengthens independent leadership" at the company.

But several analysts on Monday questioned if Thompson's ouster means more problems at Wachovia, a bank that has weathered a series of setbacks, including mounting losses and federal investigations, in recent months. They also speculated that Wachovia could be a takeover candidate, though the bank said Monday that it plans to remain independent.


In this Feb. 21, 2008 file photo, Wachovia CEO Ken Thompson talks to employees during a meeting at the bank's corporate headquarters in Charlotte, N.C. Wachovia's board of directors, Monday June 2, 2008, has asked Chief Executive Ken Thompson to retire. (AP Photo/Chuck Burton, File)

"Golden West doesn't help," said Nancy Bush, an independent analyst with NAB Research LLC in Aiken, S.C. "Makes you wonder if there's more trouble or change ahead."


Read more: http://apnews.excite.com/article/20080602/D91265801.html

More than I'll make in a dozen lifetimes, no doubt...

big downsizings of the employees of the corporate offices, thousands let go.

Thompson making $20 million bonuses.

FU bought Wachovia and chose to use the Wachovia name for all of the banks,
because Wachovia had better rep.

Maybe they can offshor Ken's job to India, as they are trying to do to 80% of all
clerical (not IT) jobs.