Wachovia names Steel CEO

Source: Exec Digital USA

Date :7/10/2008 4:00:48 AM

Wachovia Corp has appointed industry veteran Robert K Steel as CEO with immediate effect.

Steel most recently served as undersecretary for domestic finance for the US Department of Treasury.

The appointment comes as the US bank prepares to announce a second quarter loss of between US$2.6 and US$2.8 billion.

Wachovia has blamed continued deterioration in the mortgage and credit markets.

The bank will publish its results from a difficult second quarter on July 22.

Lanty Smith, who had been serving as interim CEO, will continue in his role as chairman of the board.