WINSTON-SALEM, N.C. - Before becoming Wachovia Corp.'s president and chief operating officer in April 1999, G. Joseph Prendergast sat down with chairman and chief executive officer L.M. "Bud" Baker Jr. to work out management transition and succession issues.

That transition is now well under way. Wachovia announced Monday that Mr. Prendergast, 55, would retire Jan. 1. It also announced that Stanhope A. Kelly, the 42-year-old head of its banking division, would take on the added responsibility of running asset and wealth management services.

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