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U.S. markets recover from steep losses
CHARLOTTE, N.C., June 2 (UPI) -- Wachovia, one of the largest U.S. banks, said Monday it had fired Chief Executive Officer Ken Thompson following a $708 million loss in the first quarter.
The bank's board named Chairman Lanty Smith to an interim CEO position and was initiating a search for a new chief executive, a company statement said.
"No single precipitating event caused the board to reach this decision," Smith said in the statement. "But a series of previously disclosed disappointments and setbacks cumulatively have negatively impacted the company," he said.
Thompson is leaving after 32 years with Wachovia, the last eight as its CEO, the statement said.
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