Tags: wachovia

Wachovia CEO: Management Shake Up Over

Tuesday, 05 Aug 2008 02:07 PM

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Wachovia Corp's chief executive indicated to Wall Street analysts Monday that the recent shake-up in the management was over and that he was close to finding a new finance chief, the Wall Street Journal said Tuesday.

Chief Executive Robert Steel also said he "didn't think" a new capital raise was needed and that he was concerned such a move would dilute existing shareholders, the paper reported, citing Bob Patten, managing director of Morgan Keegan & Co.

CEO Steel, during a private luncheon in New York, responded with a flat "no" to a query on whether he saw more management changes, the paper reported, citing analyst Nancy Bush of NAB Research LLC.

Early last month, Steel replaced Ken Thompson, who was ousted in early June after a series of financial and legal setbacks.

Last month, the company said Chief Financial Officer Thomas Wurtz and Chief Risk Officer Don Truslow will resign from the fourth-largest U.S. bank after their successors are named.

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