G. Kennedy Thompson
Encyclopedia
G. Kennedy "Ken" Thompson (born November 25, 1950, in Rocky Mount, North Carolina
) is an American
businessman who was previously chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation
, from 2000 through 2008. First Union Corporation acquired Wachovia Corporation and changed its name to Wachovia in September 2001 after fending off a hostile takeover attempt by SunTrust Bank. Thompson succeeded Edward E. Crutchfield in 2000, who stepped down due to health reasons. Previous positions at First Union included vice chairman of the corporation and head of Global Capital Markets; president, First Union-Florida; senior vice president and head of First Union Human Resources; president, First Union Georgia.
Thompson previously served as president of the Federal Reserve Board's Federal Advisory Committee.
Thompson serves on the Boards of Directors for Hewlett-Packard
(HP), Florida Rock Industries, Inc., (NYSE) and Carolinas Healthcare System
. Professional affiliations include Board member, Financial Services Roundtable; vice chairman and board member, New York Clearing House; member, Financial Services Forum, The Business Council.
Highly engaged in community work, Thompson's involvement includes being a member of the board of trustees, Wake Forest University
; board member, Teach For America
, North Carolina Blumenthal Performing Arts Center, Charlotte Latin School, YMCA Metropolitan board, United Way of Central Carolinas, Inc. (2003 Board Chairman), Charlotte Institute for Technology Innovation (Charlotte Institute) and co-chair, Advantage Carolina.
Thompson holds a B.A. in American Studies
, University of North Carolina at Chapel Hill
, where he was a Morehead Scholar, and an M.B.A, Wake Forest University
.
In 2006, under Ken's leadership, Wachovia acquired GoldenWest for approximately $26 billion, at the peak of the real estate market. This acquisition ultimately led to the end of his career at the firm, writedowns and losses far exceeding the price paid to acquire GoldenWest, and the fire-sale of Wachovia to Wells Fargo.
In 2010, Wachovia settled out of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine.
Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008 as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the Securities and Exchange Commission, he will get a severance of $1.45 million and accelerated vesting of $7.25 million in restricted stock. Thompson had served the company for 32 years.
Lanty Smith, age 66 replaced Thompson as interim CEO. On July 10, 2008 Robert K. Steel
the former Treasury Undersecretary and Goldman Sachs Group Inc. executive, took over as CEO of Wachovia Corp.
Rocky Mount, North Carolina
Rocky Mount is an All-America City Award-winning city in Edgecombe and Nash counties in the coastal plains of the state of North Carolina. Although it was not formally incorporated until February 28, 1867, the North Carolina community that became the city of Rocky Mount dates from the beginning of...
) is an American
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
businessman who was previously chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation
First Union Corporation
First Union Corporation was a banking company providing commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking , investment advisory, home equity lending,...
, from 2000 through 2008. First Union Corporation acquired Wachovia Corporation and changed its name to Wachovia in September 2001 after fending off a hostile takeover attempt by SunTrust Bank. Thompson succeeded Edward E. Crutchfield in 2000, who stepped down due to health reasons. Previous positions at First Union included vice chairman of the corporation and head of Global Capital Markets; president, First Union-Florida; senior vice president and head of First Union Human Resources; president, First Union Georgia.
Thompson previously served as president of the Federal Reserve Board's Federal Advisory Committee.
Thompson serves on the Boards of Directors for Hewlett-Packard
Hewlett-Packard
Hewlett-Packard Company or HP is an American multinational information technology corporation headquartered in Palo Alto, California, USA that provides products, technologies, softwares, solutions and services to consumers, small- and medium-sized businesses and large enterprises, including...
(HP), Florida Rock Industries, Inc., (NYSE) and Carolinas Healthcare System
Carolinas Healthcare System
Carolinas HealthCare System is a hospital network located throughout North and South Carolina. About 90% of the hospitals affiliated with the system are located within a 75 mile radius of Carolinas Medical Center in Charlotte, North Carolina...
. Professional affiliations include Board member, Financial Services Roundtable; vice chairman and board member, New York Clearing House; member, Financial Services Forum, The Business Council.
Highly engaged in community work, Thompson's involvement includes being a member of the board of trustees, Wake Forest University
Wake Forest University
Wake Forest University is a private, coeducational university in the U.S. state of North Carolina, founded in 1834. The university received its name from its original location in Wake Forest, north of Raleigh, North Carolina, the state capital. The Reynolda Campus, the university's main campus, is...
; board member, Teach For America
Teach For America
Teach For America is an American non-profit organization that aims to eliminate educational inequity by enlisting the nation's most promising future leaders to teach for two or more years in low-income communities throughout the United States...
, North Carolina Blumenthal Performing Arts Center, Charlotte Latin School, YMCA Metropolitan board, United Way of Central Carolinas, Inc. (2003 Board Chairman), Charlotte Institute for Technology Innovation (Charlotte Institute) and co-chair, Advantage Carolina.
Thompson holds a B.A. in American Studies
American studies
American studies or American civilization is an interdisciplinary field dealing with the study of the United States. It traditionally incorporates the study of history, literature, and critical theory, but also includes fields as diverse as law, art, the media, film, religious studies, urban...
, University of North Carolina at Chapel Hill
University of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
, where he was a Morehead Scholar, and an M.B.A, Wake Forest University
Wake Forest University
Wake Forest University is a private, coeducational university in the U.S. state of North Carolina, founded in 1834. The university received its name from its original location in Wake Forest, north of Raleigh, North Carolina, the state capital. The Reynolda Campus, the university's main campus, is...
.
In 2006, under Ken's leadership, Wachovia acquired GoldenWest for approximately $26 billion, at the peak of the real estate market. This acquisition ultimately led to the end of his career at the firm, writedowns and losses far exceeding the price paid to acquire GoldenWest, and the fire-sale of Wachovia to Wells Fargo.
In 2010, Wachovia settled out of court a case in which it allegedly laundered over $378 billion in cash and traveler's checks from Mexican drug cartels in the years 2004 - 2006, during Thompson's tenure as CEO. Terms of the settlement included a $110 million forfeiture and a $50 million fine.
Thompson was pushed out of Wachovia Bank (WB) on June 2, 2008 as head of the nation’s fourth-largest bank, becoming the latest financial services executive to be ousted amid turmoil in the U.S. housing market. Thompson will not receive any incentive pay for the 2008 fiscal year, but according to a filing with the Securities and Exchange Commission, he will get a severance of $1.45 million and accelerated vesting of $7.25 million in restricted stock. Thompson had served the company for 32 years.
Lanty Smith, age 66 replaced Thompson as interim CEO. On July 10, 2008 Robert K. Steel
Robert K. Steel
Robert King "Bob" Steel is an American business leader and an expert on financial institutions and markets. In June 2010, he was named Deputy Mayor for Economic Development by New York City Mayor Michael Bloomberg...
the former Treasury Undersecretary and Goldman Sachs Group Inc. executive, took over as CEO of Wachovia Corp.