From today's Globe:
Wachovia CEO latest to be pushed out
http://www.reportonbusiness.com/servlet/story/RTGAM.20080602.wwachovia0602/BNStory/Business/home
An excerpt from that story:
The board of the Charlotte-based bank said it asked Mr. Thompson, 58, to retire and replaced him on an interim basis with Chairman Lanty Smith. Mr. Smith replaced Thompson as chairman last month in a move the bank said “strengthens independent leadership” at the company.
“It has been an honour to serve this great company for 32 years and to lead it for the past eight years,” Mr. Thompson said in a statement issued by the bank. “Together we achieved great successes and overcame tough challenges.”
Mr. Smith said Monday “this was a step that was taken after very careful consideration,” and one that was precipitated by no single event but rather a “series of previously disclosed setbacks.”
“It's been our hope and expectation that Ken would serve for several more years,” Mr. Smith said during a conference call with reporters. “We certainly wanted Ken to succeed. This is earlier than any of us wanted or choose.”
Mr. Smith said there were no other senior management changes planned. A search for the next chief executive began immediately after Sunday's board meeting, he said.
The Century BoD has been negligent in not taking action before this. The time has long passed to announce that the CEO is "retiring" and that a search for a new CEO has begun.
1 comment:
We have to consider this: Do we dance with the devil we know, or the devil we don't?
I'll dance with a new devil. PK has made too many selfish decisions to be trusted to grow this company going forward.
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