Wachovia Corp. continued to remake its executive ranks Monday with the appointment of a new chief financial officer.
The Charlotte banking company named David K. Zwiener, an executive from Carlyle Group, to the post. Mr. Zwiener, 54, will join the company Oct. 1. His diverse background includes roles in commercial banking, insurance, and manufacturing, as well as private equity.
As a managing director at Carlyle Group, Mr. Zwiener focused on global opportunities in the financial services sector, Wachovia said in a press release. From 1995 to 2007, he also served as the president and chief operating officer of property and casualty operations at Hartford Financial Services Group and later as an executive vice president and the chief financial officer.
Mr. Zwiener also held executive positions at Heller International Corp., the commercial finance subsidiary of Fuji Bank, Ltd., first as a senior vice president and treasurer and later as executive vice president of capital markets. And at one point, he also worked at Mellon Bank in credit and cash management roles.
Mr. Zwiener will succeed Thomas Wurtz, who is one of several executives to step down at Wachovia in recent months following questions about the company's risk management controls.
"David's experience and many talents have enabled him to become a strong and proven leader in the financial services industry," said Robert K. Steel, Wachovia's chief executive officer, in the release. "We believe he is exactly the right candidate to serve as CFO, with a diverse background that reflects sound business leadership, finance and operations experience and the ability to manage complex businesses for profitability."
Mr. Steel was appointed CEO in July following the ouster of G. Kennedy Thompson, whose 2006 deal for Golden West Financial Corp., an Oakland thrift company, caused the company's mortgage exposure to mushroom.
The $812 billion-asset Wachovia recorded an $8.7 billion second-quarter loss in part because of deteriorating credit quality. Last month it said it expects cumulative losses of 12%, or $14.6 billion, in the so-called pick-a-payment book inherited from Golden West.
Since Mr. Steel's appointment both Mr. Wurtz and Donald Truslow, the company's chief risk officer, have announced plans to leave Wachovia.
