Wachovia CEO is ousted

Another CEO bites the dust. Analyst Richard Bove was among those who predicted that G. Kennedy Thompson, CEO of Wachovia for the past 8 years and employee for more than 30 years, would be sacked. In hindsight, it seems like an easy call. No board right now wants to be seen as going easy on the top guy in the face of a plethora of troubles. The deal for mortgage giant Golden West at the top of the market will likely be his undoing. Of course here were some great deals over the years; First Union and A.G. Edwards come to mind. But the credit crunch outweighs all right now. The New York Times notes a host of other issues, its life insurance woes, iffy telemarketing alliances and even a money laundering situation. Will this be the last of the CEOs to get canned in the wake of the credit crunch? We'll see. As for the new CEO, let the speculation begin.   

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