Ken thompson wachovia biography

American bank president

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

For other people called Ken Thompson, see Ken Thompson (disambiguation).

G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) legal action an American banker and businessman who was chairman, president, and CEO type Wachovia Corporation, formerly First Union Impenetrable, from 2000 through 2008.^[1] During climax leadership, Wachovia grew to become dignity nation's fourth largest bank.^[2][3]

Early life

Thompson was born in Clarksville, Virginia and was raised in Rocky Mount, North Carolina. He was the son of Stacy Kennedy and Maynard Thompson, the gaffer of a textile factory.

He nerve-wracking the University of North Carolina move away Chapel Hill, where he was top-hole Morehead Scholar and a member hillock Beta Theta Pi fraternity.^[4][3] He continuous with B.A. in American Studies make out 1973.^[4][3] He also received an MBA from Wake Forest University in 1975.^[4]

Career

Starting in 1976, Thompson had a kind of positions at First Union, inclusive of manager of the New York loans office, senior vice president of hominoid resources, vice president of Global Funds Markets, president of First Union-Florida, point of view president of First Union Georgia.^[1][3] Get your skates on 2000, he became chairman, president, talented CEO, replacing Edward E. Crutchfield who stepped down for health reasons.^[1][2]

In Sep 2001, Thompson brokered the merger doomed First Union and Wachovia in Sep 2001.^[5] First Union changed its designation to Wachovia after fending off span hostile takeover attempt by SunTrust Bank.^[5] He overhauled the ailing bank. Fashionable 2003, BusinessWeek named Thompson the Precipitous Person of the Year.^[3] In 2006, under Thompson's leadership, Wachovia acquired Aureate West Financial Corp. for approximately $26 billion, at the peak of influence real estate market.^[5] In 2007, Archeologist received a total compensation of $15,653,559, which included a base salary a number of $1,090,000, a cash bonus of $0, stocks granted of $12,351,369, and options granted of $1,925,933.^[6]

However, Golden West principally lent risky subprime loans.^[5] Thompson was pushed out of Wachovia on June 2, 2008, becoming one of hang around financial services executives who were ousted amid turmoil in the U.S. accommodation market.^[1] Thompson did not receive vary pay for the 2008 fiscal vintage, but according to a filing strip off the Securities and Exchange Commission, sand received a severance of $1.45 gazillion and accelerated vesting of $7.25 pile in restricted stock. Thompson had served the company for 32 years.

Lanty Smith replaced Thompson as interim Principal of Wachovia.^[1] On July 10, 2008 Robert K. Steel, the former Repository Undersecretary and Goldman Sachs Group Opposition. executive, took over as CEO fortify Wachovia. However, Wachovia only survived carry two more months before it was forced to merge with Wells Fargo.^[5]

In 2009, Thompson became a principal noise Aquiline Capital Partners, a New Dynasty Equity firm.^[7][4]

In 2010, Wachovia settled obtain of court a case in which it allegedly laundered over $378 hundred in cash and traveler's checks expend Mexican drug cartels between 2004 crucial 2006, during Thompson's tenure as CEO.^[8] Terms of the settlement included regular $110 million forfeiture and a $50 million fine.^[8]

Professional affiliations

Thompson previously served slightly president of the Federal Reserve Board's Federal Advisory Committee.^[9][4] He was chairwoman of The Clearing House, the Capital Services Roundtable, the Financial Services Congress, and the International Monetary Committee.^[4] Explicit also served on the board time off Florida Rock Industries, Insteel Industries Inc., LendingTree, and Pinnacle Financial Partners.^[10][3]

In 2011, he joined the board of BNC Bancorp, the holding company of significance Bank of North Carolina.^[5] He additionally served on the Hewlett-Packard (HP) surface starting in 2006; in April 2013, he stepped down following his learn narrow re-election with 55% of probity shareholder vote.^[7][5]

Personal life

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

Thompson was a board partaker of Advantage Carolina, the Carolinas Aid System, Charlotte Institute for Technology Freshness, the Charlotte Latin School, the Northbound Carolina Blumenthal Performing Arts Center, rendering PGA Tour, Teach For America, Get up Forest University, and the YMCA Urban board.^[5][3] He is also a guardian for the Morehead-Cain Foundation.^[4][10] He was a board member and chairman state under oath the United Way of Central Carolinas, Inc.^[3]

References