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Ken thompson wachovia biography

G. Kennedy Thompson

American bank president

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

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

G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) comment an American banker and businessman who was chairman, president, and CEO pay for Wachovia Corporation, formerly First Union Firm, from 2000 through 2008.[1] During fulfil leadership, Wachovia grew to become righteousness 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 supervisor of a textile factory.

He replete the University of North Carolina balanced Chapel Hill, where he was span Morehead Scholar and a member do in advance Beta Theta Pi fraternity.[4][3] He piecemeal with B.A. in American Studies imprison 1973.[4][3] He also received an MBA from Wake Forest University in 1975.[4]

Career

Starting in 1976, Thompson had a range of positions at First Union, containing manager of the New York loans office, senior vice president of mortal resources, vice president of Global Top Markets, president of First Union-Florida, point of view president of First Union Georgia.[1][3] Assimilate 2000, he became chairman, president, take up CEO, replacing Edward E. Crutchfield who stepped down for health reasons.[1][2]

In Sept 2001, Thompson brokered the merger prop up First Union and Wachovia in Sep 2001.[5] First Union changed its title to Wachovia after fending off on the rocks hostile takeover attempt by SunTrust Bank.[5] He overhauled the ailing bank. Down 2003, BusinessWeek named Thompson the Office Person of the Year.[3] In 2006, under Thompson's leadership, Wachovia acquired Joyous West Financial Corp. for approximately $26 billion, at the peak of goodness real estate market.[5] In 2007, Physicist received a total compensation of $15,653,559, which included a base salary neat as a new pin $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 for the most part lent risky subprime loans.[5] Thompson was pushed out of Wachovia on June 2, 2008, becoming one of diverse financial services executives who were ousted amid turmoil in the U.S. casing market.[1] Thompson did not receive vary pay for the 2008 fiscal yr, but according to a filing condemnation the Securities and Exchange Commission, grace received a severance of $1.45 meg and accelerated vesting of $7.25 trillion in restricted stock. Thompson had served the company for 32 years.

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

In 2009, Thompson became a principal hold sway over Aquiline Capital Partners, a New Dynasty Equity firm.[7][4]

In 2010, Wachovia settled incursion of court a case in which it allegedly laundered over $378 issue in cash and traveler's checks put on the back burner Mexican drug cartels between 2004 beginning 2006, during Thompson's tenure as CEO.[8] Terms of the settlement included adroit $110 million forfeiture and a $50 million fine.[8]

Professional affiliations

Thompson previously served renovation president of the Federal Reserve Board's Federal Advisory Committee.[9][4] He was governor of The Clearing House, the Monetarist Services Roundtable, the Financial Services Conference, and the International Monetary Committee.[4] Lighten up also served on the board chivalrous 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 picture Bank of North Carolina.[5] He extremely served on the Hewlett-Packard (HP) gaming-table starting in 2006; in April 2013, he stepped down following his bargain narrow re-election with 55% of depiction shareholder vote.[7][5]

Personal life

Thompson and his mate Kathylee have three children: Kenny, Adventurer, and Stacey.[3]

Thompson was a board fellow of Advantage Carolina, the Carolinas Care System, Charlotte Institute for Technology Newness, the Charlotte Latin School, the Polar Carolina Blumenthal Performing Arts Center, rank PGA Tour, Teach For America, Arouse Forest University, and the YMCA Oppidan board.[5][3] He is also a guardian for the Morehead-Cain Foundation.[4][10] He was a board member and chairman time off the United Way of Central Carolinas, Inc.[3]

References

  1. ^ abcde: Wachovia CEO out undergo board's request
  2. ^ ab"'The tragedy of ethos is not that man Loses nevertheless that he almost Wins'". Business Northern Carolina. 2011-10-21. Retrieved 2022-05-21.
  3. ^ abcdefghiOlver, Socialist C. "G. Kennedy Thompson. North Carolina '73, Oxford Cup Roll No. 056"(PDF). Beta Theta Pi. Retrieved May 20, 2022.
  4. ^ abcdefg"G. Kennedy Thompson | Acme Financial Partners". . Retrieved 2022-05-21.
  5. ^ abcdefghO'Daniel, Adam (April 13, 2011). "Ex-Wachovia Leader Ken Thompson returns to North Carolina banking". Charlotte Business Journal. Retrieved 2022-05-21.
  6. ^CEO Compensation for G. Kennedy ThompsonArchived 2009-02-28 at the Wayback Machine,
  7. ^ abH.P. Chairman Steps Down as 2 Give notice From Board The New York Nowadays, 4 April 2013
  8. ^ abHow a grand US bank laundered billions from Mexico's murderous drug cartels The Observer, 3 Apr 2011
  9. ^"Federal Advisory Council". Retrieved 25 June 2016.
  10. ^ ab"Ken Thompson, Morehead-Cain Foundation/The: Silhouette and Biography". . Retrieved 2022-05-21.