CHARLOTTE, N.C. Wachovia Corp. has quietly removed Morris W. Offit as chief executive of its New York-based wealth management subsidiary Offitbank.
Mr. Offit, who had been a board member of the old Wachovia Corp. before it merged into First Union Corp. on Sept. 1, was the only dissenter when Wachovia directors voted in June not to consider a rival takeover offer from SunTrust Banks Inc. of Atlanta.
His ouster came as the new Wachovia was consolidating the leadership of First Union and the old Wachovia. Dan Prickett, a senior vice president and the head of Wachovias ultra-high-net-worth group, has succeed Mr. Offit as chief executive at Offitbank, spokeswoman Sandra Deem said.
Mr. Offit, who founded Offitbank in 1983, will keep his seat on its board and will be a consultant to the company for up to three years, beginning Jan. 1, Ms. Deem said.
The old Wachovia Corp. acquired Offitbank in 1999 for $200 million in stock, and has operated it since then as a separate subsidiary. Mr. Offit declined to comment.
