Wachovia removes CEO as chairman

The bank separates the top management role from the top oversight role in an effort to build 'independent leadership.'

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May 8, 2008: 6:14 PM EDT

CHARLOTTE, N.C. (AP) -- Wachovia Corp. has stripped Chief Executive Ken Thompson of his chairman role in a move that separates the top management position from the top oversight role.

The Charlotte, N.C., bank on Thursday named its lead independent director, Lanty Smith, to the position of nonexecutive chairman.

Wachovia (WB, Fortune 500) says Thompson will remain a board member, in addition to his role as chief executive.

The bank says the separation "strengthens independent leadership" at the company.

Corporate governance watchdogs have repeatedly called for companies to separate the CEO and chairman roles in the interest of shareholder value.

Wachovia's restated loss jumps

Investor push on CEO pay sputtering

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