WINSTON-SALEM, N.C. - Wachovia Corp. said Monday that Mickey W. Dry, its chief credit officer and senior executive in charge of loan administration, would retire and be succeeded by Donald K. Truslow in the new position of chief risk officer.
Mr. Truslow will lead an expanded function with oversight for Wachovia's operational, credit, interest rate, balance sheet, and market risk, the company said.
Wachovia shocked many market watchers in June when it said it would raise its reserves by $200 million in anticipation of deteriorating loans in its portfolio, including a $50 million exposure to a single syndicated loan that had gone bad during the second quarter. Outsiders interpreted the move as a sign that credit quality in the industry was deteriorating, though some analysts noted that Wachovia's reserves were much lower than peer banking companies and that the actions brought it more in line with the average.
"Mickey Dry has served Wachovia with distinction for 39 years," L.M. Baker Jr., Wachovia's chairman and chief executive officer, said in a statement. "He will be greatly missed, but has amply earned this opportunity to have more time for family and personal pursuits."
Mr. Dry, 60, was elected executive vice president and assumed his current position in 1989, and he was named senior executive vice president in 1997.