Are you determined to wait out Wachovia’s (WB) woes as the board searches for a new CEO to rescue your investment? Well, get comfortable. According to the Charlotte Observer, the process could take 6 months.
There are only so many people qualified to helm a company like Wachovia. The Observer has sniffed around and come up with 13 potential candidates:
- Ben Jenkins (64) Current WB Interim COO
- David Carroll (51) head of WB’s Capital Management Group
- Al de Molina (50) Former BofA CFO
- Jim Hance (63) Former BofA CFO, currently with the Carlyle Group
- Gene Taylor (Early 60s) Formerly Head of I-banking at BofA
- Bob Kelly (64) Former WB CFO
- Bruce Van Saun (51) Former Bank of New York Mellon CFO
- Michael Neal (55) Head of GE Commercial Finance
- William Demchak (45) Vice Chairman of PNC Financial Services Group
- David Moffett (Mid 50s) Former U.S. Bancorp CFO
- Dick Kovacevich (64) Chairman of Wells Fargo
- Jerry Grundhofer (Early 60s) Former US Bancorp CEO
- Phil Purcell (64) Former Morgan Stanley CEO
Lots of heavy hitters on that list, but former BofA CFO Al de Molina is said to be among the top contenders:
A favourite among analysts is former Bank of America Corp. chief financial officer Al de Molina, but it’s also hard to imagine a former cross-town rival at Wachovia’s helm.
Of course, if Wachovia gets snapped up by JP Morgan, or someone else, this all becomes academic, and if the board begins to drag its feet on hiring, it might be a good sign that a deal lies somewhere over the horizon.