According to WSJ, Wachovia's board fired Ken Thompson because he "destroyed share value" through a series of bad decisions and management missteps. Misguided acquisitons, deteriorating asset quality, and compliance irregularities were listed as some of the reasons he finally lost the board's confidence. The stock had plummeted more than 50% in the last year. Hats off to Wallace Malone, who pressured the Wachovia board to get rid of Thompson.
RF share value has also been destroyed to much the same extent over the same period of time. What is the RF board doing to protect and enhance share value? Where is our Wallace Malone?
ortho, KT needed to go and should have been shown the door sooner. The problem I see with putting KT out is that the board has not had a succession plan in place and as a result moved Lanty Smith from the board in. This guy is the worst choice that they could have made. He has been on the board since 1987 and he and others have rubber stamped all the decisions that have "destroyed share value" and share in all the poor decisions.
I agree, there was no viable succession plan and yes, Lanty Smith was part of the long term problem. Controlling CEO's make sure the "succession plan" is nothing more than window dressing and a weak board doesn't know any better....