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Saturday, November 21, 
3:23 pm

Wachovia board ousts CEO

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Wachovia Corp., the fourth-largest U.S. bank, said Monday its board had ousted chief executive Ken Thompson, who has been under fire in part because of his ill-advised $24 billion purchase of Golden West Financial Corp. in 2006.

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Charlotte, N.C.-based Wachovia said in a statement Monday morning that Thompson will be succeeded on an interim basis by chairman Lanty Smith. Ben Jenkins, currently vice chairman and president of the banking unit, will serve as interim chief operating officer.

The bank -- which is exceeded in size by Citigroup Inc., J.P. Morgan Chase & Co. and Bank of America Corp. -- has upset investors recently after its shares fell 54% in the past year due to the credit crisis. Wachovia was especially hard hit in part because it bought Golden West, whose two main markets were California and Florida -- states suffering badly from mortgage foreclosures. - Peter Moreira

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