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Steel to Wachovia

By K.C. Johnson

The Wall Street Journal is reporting that Wachovia has hired Bob Steel as its new chief executive officer. Notes the Journal, ?Mr. Steel said he was approached about the job in the past few days. He has a long friendship with Mr. [Lanty] Smith [who chaired the Wachovia search committee] as both share ties to Duke University; Mr. Steel is the current chairman of Duke?s board of trustees, and Mr. Smith is a former trustee.? Wachovia?s shares and earnings have declined noticeably in the past 12 months, and the bank has been the subject of takeover rumors. Said one financial analyst about Steel, ?He is an ideal choice for this time of turmoil.? Steel might have many qualifications for taking the helm of the nation?s second-largest chain of banks, but surely his track record in leading institutions in a ?time of turmoil? is not among them...continue to full post

Full post as published by Durham-in-Wonderland on July 10, 2008 (boomark / email).