Published in
M2 EquityBites
on Friday, 09 May 2008 at
17:27 GMT
Copyright (C) 2008, M2 Communications Ltd.
Wachovia Corporation (NYSE:WB), a financial holding company which provides commercial and retail banking services and other financial services, disclosed yesterday (8 May) that Ken Thompson's current role of chairman, president and CEO will be spilt with Lanty Smith taking the role of non-executive chairman of the board of directors.
Thompson will continue to serve as president and CEO, as well as being a director of the company. The change is effective immediately, consistent with best practices in corporate governance.
Reporting to the full board of directors, Thompson will continue to serve on the board and will be completely responsible for management of the company.
Having served as a director and as lead independent director, Smith has also served as chairman of the Executive Committee, besides having chaired the Audit Committee of the company. In addition he is chairman and CEO of Tippet Capital, a merchant banking firm. Smith has been engaged for the past two decades in private equity and venture capital investing and was a former partner with the law firm of Jones Day.
