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NEW YORK — Wachovia Corp., which Tuesday posted a record $8.86-billion (U.S.) second-quarter loss, said chief financial officer Thomas Wurtz plans to leave the fourth-largest U.S. bank after a successor is named.
The Charlotte, North Carolina-based lender said it will begin an immediate search for a replacement, according to a statement released Thursday.
Mr. Wurtz, 46, joined Wachovia in 1994, and was named CFO in Jan. 2006. He had previously been treasurer and head of treasury and planning.
It was not immediately clear why Mr. Wurtz is leaving, or what his future plans are. Wachovia did not immediately return a call seeking comment.
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Wachovia announced Mr. Wurtz's departure 15 days after it named former U.S. Treasury undersecretary Robert Steel as chief executive officer.
Mr. Steel replaced Ken Thompson, whom Wachovia ousted in early June after a series of financial and legal setbacks, including a poorly-timed, $24.2-billion purchase in 2006 of California mortgage specialist Golden West Financial Corp.
In a statement about Mr. Wurtz, Mr. Steel said: “Tom has been a professional partner and colleague and we are grateful for all he has done for the company.”
Shares of Wachovia closed Thursday down $1.96, or 11.1 per cent, at $15.69 on the New York Stock Exchange, as financial stocks suffered broad declines. The bank's shares have fallen 58.7 per cent this year.
Wachovia announced Mr. Wurtz's departure after markets closed.
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