Ben Jenkins Becomes Interim Chief Operating Officer
CHARLOTTE, N.C., June 2 /PRNewswire-FirstCall/ -- Wachovia announced
today that its current Chairman, Lanty Smith, has been appointed interim
Chief Executive Officer, succeeding Ken Thompson, who is retiring at the
request of the Board. Ben Jenkins, currently Vice Chairman and President of
the General Bank, will serve as interim Chief Operating Officer.
All of the company's staff functions will report to Smith, with the
company's four lines of business -- General Bank, Wealth Management, the
Corporate and Investment Bank and Capital Management -- reporting to
Jenkins. The Board of Directors has formed a special committee to conduct a
search for a permanent Chief Executive Officer.
"Wachovia is a strong institution and well positioned even in the face
of the unprecedented conditions in the financial services industry," said
Smith. "The Board is confident that we are putting in place the right
interim leadership to move the company forward, and no other senior
management changes are currently contemplated."
Smith continued, "No single precipitating event caused the Board to
reach this decision, but a series of previously disclosed disappointments
and setbacks cumulatively have negatively impacted the company and its
performance. The Board believes new leadership will help to revitalize and
reenergize Wachovia and enable it to realize its potential. We will move
Wachovia steadily ahead as a strong, independent company by continuing to
focus first on the needs of our customers. Our recent successful capital
raising actions provide us the solid foundation and flexibility we need in
an environment which remains extremely challenging for Wachovia and the
entire banking industry. Despite continued hurdles, we have confidence in
our strong liquidity, good capital position and solid business model."
Jenkins said, "Wachovia continues to execute well in key areas, and we
continue to benefit from our core strength of best-in-class customer
satisfaction and loyalty. I look forward to working closely with Lanty, the
Board and our entire team."
Smith added, "Ken Thompson is an exceptionally fine person who enjoys
well-earned respect both inside and beyond Wachovia. We thank him for all
of his important contributions to Wachovia, and we wish him success in his
future pursuits. He has led the company with the highest integrity, loyalty
and dedication."
"It has been an honor to serve this great company for 32 years, and to
lead it for the past eight years," said Thompson. "Together we achieved
great successes and overcame tough challenges. I have complete confidence
in the ability of 120,000 Wachovia employees to continue to take this
company forward, and I want to thank them for their dedication and
commitment to Wachovia."
Smith will head the search committee, and Robert A. Ingram, Mackey J.
McDonald and Joseph Neubauer will comprise the other members of the
committee, which will commence its activities immediately. Mr. Smith
emphasized that Wachovia is in good hands and the committee will focus on
conducting a careful and thorough search, as expeditiously as appropriate,
for the best qualified individual, from either inside or outside Wachovia.
Smith has served as a director since 1987 and was lead independent
director from 2000 until May 2008, when he became non-executive Chairman.
He also serves as Chairman of the Executive Committee, and in the past he
has chaired the Audit Committee. He is Chairman and Chief Executive Officer
of Tippet Capital, a merchant banking firm headquartered in Raleigh, N.C.
He was formerly President of Burlington Industries, Inc., a partner with
the international law firm of Jones Day, and for the past 20 years has been
engaged in private equity and venture capital investing.
Jenkins joined First Union in 1971, prior to its merger with Wachovia,
and has held a number of senior executive positions, including President of
First Union in Florida, Virginia, Maryland, Washington, D.C., Georgia and
South Carolina. He is a member of the Board of Trustees of Presbyterian
Hospital and Chairman of the Board for Queens University of Charlotte.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $808.9 billion and
market capitalization of $53.8 billion at March 31, 2008. Wachovia provides
a broad range of retail banking and brokerage, asset and wealth management,
and corporate and investment banking products and services to customers
through 3,300 retail financial centers in 21 states from Connecticut to
Florida and west to Texas and California, and nationwide retail brokerage,
mortgage lending and auto finance businesses. Globally, clients are served
in selected corporate and institutional sectors and through more than 40
international offices. Our retail brokerage operations under the Wachovia
Securities brand name manage more than $1.1 trillion in client assets
through 18,600 registered representatives in 1,500 offices nationwide.
Online banking is available at wachovia.com; online brokerage products and
services at wachoviasec.com; and investment products and services at
evergreeninvestments.com.
Forward-Looking Statements
This news release contains various forward-looking statements. A
discussion of various factors that could cause Wachovia Corporation's
actual results to differ materially from those expressed in such
forward-looking statements is included in Wachovia's filings with the
Securities and Exchange Commission.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com/
CONTACT:
Media, Mary Eshet, +1-704-383-7777, or
Christy Phillips-Brown, +1-704-383-8178; Investor Contacts, Alice
Lehman, +1-704-374-4139, or Ellen Taylor, +1-704-383-1381, all of
Wachovia Corporation
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