|
|
Corporate Suites Turn Sour: There were upheavals in the executive ranks at Wachovia and Lehman Brothers after disappointing results at both companies. Will this be another cruel summer on Wall Street?
- Article from:
-
On Wall Street
- Article date:
-
July 1, 2008
- Author:
- Mitchell, Donna
|
Copyright informationCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The second quarter was a tumultuous one for Lehman Brothers and Wachovia Corp., two of the country's leading financial institutions.
Continuing a recent pattern of financial services firms bidding farewell to their chief executive officers, Wachovia's board asked longtime CEO, G. Kennedy Thompson, to retire. At press time, Lehman Brothers' CEO, Richard S. Fuld, Jr., had avoided the same fate. But president and chief operating officer, Joseph Gregory, and chief financial officer Erin Callan were suddenly reassigned after disappointing second-quarter results and writedowns that totaled $11 billion. Ian Lowitt succeeded Callan as CFO, while Herbert McDade III, took over ...