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Wachovia CEO Ken Thompson ousted

Submitted by WWAY on Mon, 06/02/2008 - 5:15pm.READ MORE:
Wachovia CEO Ken Thompson is out as head of the nation's fourth largest bank. Thompson's dismissal comes after several months of criticism from shareholders. The Charlotte based bank reported a $707,000,000 loss in the first quarter. When the bank announced it would cut dividends, it was Thompson, who had promised earlier that would not happen, who became the target of shareholders' anger.

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This comes as no surprise

Submitted by Commonsensenotc... on Mon, 06/02/2008 - 6:49pm.
Despite his earlier stellar performance, Wachovia flatlined and was performing below average almost two years before the housing meltdown. The Golden West buyout was a good idea, but the timing was terrible and big-buck CEOs are supposed to get the timing right....especially when the alarm bells about the California housing bubble were starting to sound before the buyout was finalized. Too bad Ken was concentrating so hard on expanding the bank's footprint, and not paying attention to the bank itself. If you look at a five-year chart, the only major American commercial bank which has performed worse is Citigroup, and when you're keeping company with those boobs, a change in leadership is due.
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