Wachovia’s CEO Ken Thompson Get’s the Boot!
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ken thompson, lender, wachovia June 2nd, 2008Another CEO Gone
Give Wachovia’s board credit for honesty. The board fired Ken Thompson, who had been chief executive since 2001, and did not mince words in explaining why he was leaving.
It is not clear what was new — the news release claims that nothing was — but this comes only weeks after the board stripped him of the chairman’s title.
Mr. Thompson’s greatest error of judgment was the 2006 acquisition of Golden West, an aggressive mortgage lender that was a leader in offering pay option mortgages — the ones where a borrower could pay less than the interest owed — in California and Florida.
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