Lanty Smith

On June 2, 2008, banking giant Wachovia named company Chairman Lanty Smith as its interim chief executive officer.

The 65-year-old Smith takes over for G. Kennedy Thompson, who is retiring at the request of Wachovia's board. In a statement, Smith said "no single event" prompted the board to oust Thompson, who served as Wachovia's CEO for eight years.

1. "Wachovia is a strong institution and well positioned even in the face of the unprecedented conditions in the financial services industry. The Board is confident that we are putting in place the right interim leadership to move the company forward, and no other senior management changes are currently contemplated."
2. "No single precipitating event caused the board to reach this decision, but a series of previously disclosed disappointments and setbacks cumulatively have negatively impacted the company and its performance."

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