Ladenburg Thalmann analyst Richard Bove today suggested that Morgan Stanley’s former CEO, Phillip Purcell, who was ousted after a nasty flap with a group of dissident shareholders, should be named the new CEO of Wachovia Bank.
“The company has articulated no new strategy; presented no new business model; selected no new CEO; and/or connected with no new acquisition partner,” Bove writes in the report. “It is an inbred group with all of the weaknesses implied in this structure. These guys ran this company into the ground and they have no idea as to how to get it out of trouble except to stop making Pick-A-Pay mortgages. Therefore, I am making a suggestion. Hire Phil Purcell as CEO.”
Wachovia announced a month ago that CEO and chairman, G. Kennedy “Ken” Thompson had retired, at the Board of Director’s request.