In what is surely a sign of the subprime times, Wachovia Corporation CEO G. Kennedy Thompson is out on the street. Thompson had been stripped of his role as chairman of the board a month ago.
But, new chairman Lanty Smith said, “move on, don’t look here,” as in, this doesn’t mean Wachovia has new problems.
I disagree. Canning him without having any idea yet of a replacement has to raise red flags.
And, the warning flags are elsewhere, too.
Yesterday, Washington Mutual board stripped CEO Kerry K. Killinger of his position as chairman of the board. Rumor is he could be pushed out soon, too.
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