Wachovia CEO loses board seat

From Times Wire Services

Wachovia Corp. Chief Executive Kennedy Thompson, under fire for buying Oakland-based Golden West Financial Corp. as the housing market peaked in 2006, was stripped of his role as chairman of the fourth-largest U.S. bank.

Lanty Smith will become nonexecutive chairman, Charlotte, N.C.-based Wachovia said. Thompson, 57, remains on the board and retains full management responsibility, spokeswoman Christy Phillips Brown said.

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