Wachovia Historical Financial Press Releases

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May 08, 2008
Wachovia Corporation Separates Chairman and CEO Roles

CHARLOTTE, NC—Wachovia Corp. President and CEO Ken Thompson announced today that the roles of Chairman and CEO have been separated and that Lanty Smith will serve as non-executive Chairman of the Board of Directors. Thompson continues to serve as President and CEO and as a director.

"At this challenging time for the financial services industry and for Wachovia, my management team and I are pleased that Lanty agreed to assume the role and responsibilities of Chairman, freeing me to focus 100% of my time and attention on guiding the company through the current environment and building and delivering enhanced value for the benefit of our shareholders, customers and employees," said Thompson.

Thompson will continue to serve on the Board and to report to the full Board of Directors. He will continue to be fully responsible for management of the company. The change is effective immediately.

"Lanty's deep knowledge of Wachovia and his commitment to our shareholders and other vital constituencies have made him an extremely effective lead independent director. He will be a highly constructive Chairman of the Board as we all work toward our common mission of building value for our shareholders," said Thompson.

Wachovia's Board has always recognized the importance of strong independent leadership on the board and believes the separation of Chairman and CEO roles strengthens this independent leadership and is consistent with best practices in corporate governance.

Smith has served as a director since 1987 and as lead independent director since 2000. 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 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.

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.

Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.

Historical Financial Press Releases

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