Wachovia CEO Ken Thompson Ousted

Dealbook: G. Kennedy Thompson, the head of Wachovia, on Monday became the latest banking executive to be shown the door during the credit squeeze, as Wachovia‘s board requested that he step down amid a stock slide and a series of losses.

Wachovia said that it had appointed Lanty L. Smith, its chairman of less than a month, as interim chief executive. Ben Jenkins, its current president and a longtime banking executive, will work as its interim chief operating officer.

The ouster of Mr. Thompson comes amid a string of disappointments and setbacks for the Charlotte-based bank, the fourth largest in the nation, which has suffered steep mortgage-related losses and rising legal and regulatory costs. Wachovia shares have fallen more than 56 per cent over the past year. More on nytimes.com>

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