Tuesday, June 03, 2008
ERIC DASH, New York Times,
ERIC DASH, New York Times,
Wachovia Forces Out Its Chief
G. Kennedy Thompson spent 32 years building the Wachovia Corporation and was finally forced out after Wachovia’s board held him accountable for a series of missteps, including more than $5 billion in write-offs on mortgage-related debt.
For Mr. Thompson, the news brings a sudden end to an eight-year run as chief executive. Wachovia is billing his departure as a “retirement” and will give him an exit package worth $34.5 million, the bulk in accumulated stock, according to James F. Reda & Associates. Mr. Thompson was paid more than $44.3 million since 2000, according to an analysis by Equilar.
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Posted by Editor on 06/03/08 at 07:30 AM •
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