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Wachovia CEO Thompson Shown the Door After 32 Years of Service, WaMu’s Killinger Steps Down as Chairman
G. Kennedy Thompson, formerly Wachovia Corp.’s (WB) chief executive officer, can now be added to the list of high-profile subprime casualties that already includes Citigroup Inc.’s (C) Charles O. “Chuck†Prince III, The Bear Stearns Companies Inc.’s (BSC) Chief Executive Officer James E. “Jimmy†Cayne, and Merrill Lynch & Co. Inc.’s (MER) E. Stanley “Stan†O’Neal.
Thompson will step down after 32 years of service after having made a series of untimely – and ultimately disastrous – decisions that have cost the company nearly half its market value over the past year.
Shareholders began clamoring for Thompson’s removal in April after the…
3Jun2008 | Money Morning | Comments Off | Continued
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