CHARLOTTE, N.C. — Wachovia announced today that its current Chairman, Lanty Smith, has been appointed interim Chief Executive Officer, succeeding Ken Thompson, who is retiring at the request of the Board. Ben Jenkins, currently Vice Chairman and President of the General Bank, will serve as interim Chief Operating Officer…
Smith continued, “No single precipitating event caused the Board to reach this decision, but a series of previously disclosed disappointments and setbacks cumulatively have negatively impacted the company and its performance…
That’s America’s fourth largest bank acknowledging the fact that Mr Thompson - being chief executive - was probably to blame for the disastrous takeover of Golden West Financial, a Californian mortgage specialist, for a cool $24bn in October 2006. He follows the likes of Citi’s Chuck Prince and Merrill Lynch’s Stan O’Neal out their respective doors.
Luckily for Fred Goodwin et al, this fashion is unlikely to catch on in Britain.
Mr Thompson also stood accused of inadvertently allowing Wachovia to be used in the washing of Colombia and Mexican drug money - a matter now being investigated by federal prosecutors, according to the Wall Street Journal.
British just aren’t like that.
Are they?
Related links:
Wachovia asks chief to retire - FT story
Wachovia’s Golden West Deal Turns to Bronze - Deal Journal
Feds look at Wachovia in drug money probe - CNN
