Monday, June 02, 2008

Wachovia CEO Ousted

Ken Thompson is retiring as CEO of Wachovia after being asked to leave by the company's board following a string of disappointing acquisitions and poor financial results.

1 comment:

ALD said...

Wachovia said late yesterday it has appointed Robert Steel as the company's new CEO, President and member of the board of directors, effective immediately. Steel most recently served as Under Secretary for Domestic Finance for the U.S. Department of Treasury. "Bob is a distinguished and widely respected leader in the financial services sector whose vast experience and deep knowledge make him the ideal candidate to lead Wachovia," Chairman Lanty Smith said in a prepared statement.

Wachovia closed today at $14.29 (down 8.0%).