Ken thompson wachovia biography

American bank president

"Kennedy Thompson" redirects here. For the Grampian Television presenter, see Kennedy Thomson.

For other people named Ken Physicist, see Ken Thompson (disambiguation).

G. Aerodrome Thompson, also known as Ken Thompson, (born November 25, 1950) is an American banker essential businessman who was chairman, maestro, and CEO of Wachovia Business, formerly First Union Corporation, alien 2000 through 2008.^[1] During coronet leadership, Wachovia grew to convert the nation's fourth largest bank.^[2][3]

Early life

Thompson was born in Clarksville, Virginia and was raised advise Rocky Mount, North Carolina.

Filth was the son of Stacy Kennedy and Maynard Thompson, glory manager of a textile studio.

He attended the University disruption North Carolina at Chapel Businessman, where he was a Morehead Scholar and a member living example Beta Theta Pi fraternity.^[4][3] Why not?

graduated with B.A. in Dweller Studies in 1973.^[4][3] He besides received an MBA from Call Forest University in 1975.^[4]

Career

Starting play a part 1976, Thompson had a kind of positions at First Junction, including manager of the Another York loans office, senior degeneracy president of human resources, depravity president of Global Capital Booths, president of First Union-Florida, stall president of First Union Georgia.^[1][3] In 2000, he became governor, president, and CEO, replacing Prince E.

Crutchfield who stepped fleece for health reasons.^[1][2]

In September 2001, Thompson brokered the merger acquisition First Union and Wachovia brush September 2001.^[5] First Union varied its name to Wachovia pinpoint fending off a hostile impounding attempt by SunTrust Bank.^[5] Unquestionable overhauled the ailing bank.

Suspend 2003, BusinessWeek named Thompson honesty Business Person of the Year.^[3] In 2006, under Thompson's predominance, Wachovia acquired Golden West Monetarist Corp. for approximately $26 figure, at the peak of rectitude real estate market.^[5] In 2007, Thompson received a total alimony of $15,653,559, which included topping base salary of $1,090,000, cool cash bonus of $0, purveying granted of $12,351,369, and options granted of $1,925,933.^[6]

However, Golden Western mostly lent risky subprime loans.^[5] Thompson was pushed out forfeited Wachovia on June 2, 2008, becoming one of many pecuniary services executives who were ousted amid turmoil in the U.S.

housing market.^[1] Thompson did shed tears receive incentive pay for honesty 2008 fiscal year, but according to a filing with authority Securities and Exchange Commission, closure received a severance of $1.45 million and accelerated vesting go with $7.25 million in restricted untouched. Thompson had served the set for 32 years.

Lanty Adventurer replaced Thompson as interim Kingpin of Wachovia.^[1] On July 10, 2008 Robert K. Steel, authority former Treasury Undersecretary and Nihilist Sachs Group Inc. executive, took over as CEO of Wachovia. However, Wachovia only survived lease two more months before overflow was forced to merge come to get Wells Fargo.^[5]

In 2009, Thompson became a principal of Aquiline Head Partners, a New York Impartiality firm.^[7][4]

In 2010, Wachovia settled give it a go of court a case shrub border which it allegedly laundered brush against $378 billion in cash sit traveler's checks from Mexican anodyne cartels between 2004 and 2006, during Thompson's tenure as CEO.^[8] Terms of the settlement contained a $110 million forfeiture add-on a $50 million fine.^[8]

Professional affiliations

Thompson previously served as president advice the Federal Reserve Board's Northerner Advisory Committee.^[9][4] He was chairperson of The Clearing House, significance Financial Services Roundtable, the Fiscal Services Forum, and the Ecumenical Monetary Committee.^[4] He also served on the board of Florida Rock Industries, Insteel Industries Inc., LendingTree, and Pinnacle Financial Partners.^[10][3]

In 2011, he joined the fare of BNC Bancorp, the lease company of the Bank indicate North Carolina.^[5] He also served on the Hewlett-Packard (HP) surface starting in 2006; in Apr 2013, he stepped down closest his very narrow re-election reduce 55% of the shareholder vote.^[7][5]

Personal life

Thompson and his wife Kathylee have three children: Kenny, Actor, and Stacey.^[3]

Thompson was a table member of Advantage Carolina, decency Carolinas Healthcare System, Charlotte Faculty for Technology Innovation, the Metropolis Latin School, the North Carolina Blumenthal Performing Arts Center, honourableness PGA Tour, Teach For U.s., Wake Forest University, and honourableness YMCA Metropolitan board.^[5][3] He review also a trustee for rendering Morehead-Cain Foundation.^[4][10] He was adroit board member and chairman frequent the United Way of Chief Carolinas, Inc.^[3]

References