How does it feel to be proudly called the ‘Man Friday’ of the company, then terribly blamed to be a gambler in a CEO’s disguise and finally dethroned being accused of gifting credit crisis to the bank…this man has taken it all!
Robbie Williams once sang Better man which begins with “Send someone to love me... Keep me safe from harm, from the pouring rain...” Really, imagine the recent event at Wachovia where G. Kennedy Thompson was forced out of his CEO office, and you can’t find a more appropriate connection. He was considered the turnaround man for an ailing bank called First Union and just a few days back, he was blamed of being incompetent and blamed for credit crisis hitting Wachovia Corp. And the rationale behind the expulsion? Thompson, former CEO, Wachovia Corp. was tagged as a gambler for his hopeless acquisition of a Californian conservative mortgage lender called Golden West Financial Corp., during US’ real estate boom in 2006. Thompson tried changing the fundamental rule of investing – buy low and sell high, and there he stands, not only out of the boardroom, but also of the premises of the fourth largest bank of the country. When B&E contacted Wachovia’s officials, they declined to comment on the recent events and one spokesperson, Damon Ford’s response was that, “Wachovia’s economists do not comment on Wachovia, but only provide objective and broader responses about various economic topics!”
Born on November 25, 1950 in Clarksville, Virginia, Ken Thompson is married to Kathylee Thompson and is blessed with three children. He got his BA degree from the University of North Carolina in 1973 and then completed his Masters in Business Administration from Wake Forest University in 1975. Starting his career at First Union Corporation in 1976 as the manager of New York loans office till 1980s, he rose to the position of Chief Executive Officer in 2000; and after the merger of First Union with Wachovia Corp. he became the President and finally the CEO in 2003.
Robbie Williams once sang Better man which begins with “Send someone to love me... Keep me safe from harm, from the pouring rain...” Really, imagine the recent event at Wachovia where G. Kennedy Thompson was forced out of his CEO office, and you can’t find a more appropriate connection. He was considered the turnaround man for an ailing bank called First Union and just a few days back, he was blamed of being incompetent and blamed for credit crisis hitting Wachovia Corp. And the rationale behind the expulsion? Thompson, former CEO, Wachovia Corp. was tagged as a gambler for his hopeless acquisition of a Californian conservative mortgage lender called Golden West Financial Corp., during US’ real estate boom in 2006. Thompson tried changing the fundamental rule of investing – buy low and sell high, and there he stands, not only out of the boardroom, but also of the premises of the fourth largest bank of the country. When B&E contacted Wachovia’s officials, they declined to comment on the recent events and one spokesperson, Damon Ford’s response was that, “Wachovia’s economists do not comment on Wachovia, but only provide objective and broader responses about various economic topics!”
Born on November 25, 1950 in Clarksville, Virginia, Ken Thompson is married to Kathylee Thompson and is blessed with three children. He got his BA degree from the University of North Carolina in 1973 and then completed his Masters in Business Administration from Wake Forest University in 1975. Starting his career at First Union Corporation in 1976 as the manager of New York loans office till 1980s, he rose to the position of Chief Executive Officer in 2000; and after the merger of First Union with Wachovia Corp. he became the President and finally the CEO in 2003.
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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