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Wachovia Names Zwiener as CFO

The troubled bank gets a finance pro from the Carlyle Group.
Stephen Taub, | US
September 9, 2008

Wachovia reached outside its corporate offices to tap David K. Zwiener as its new chief financial officer. Zwiener, who has more than 30 years of experience in the financial services industry, was most recently managing director and co-head of the Financial Institutions Group at The Carlyle Group.

"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," said Wachovia's recently hired president and CEO Robert K. Steel.

Zwiener will be responsible for treasury management and planning, financial reporting, budgeting, investor relations, taxation, real estate operations and purchasing. Wachovia also said that its operations and technology division will report to Zwiener.

The new finance chief will have his hands full when he begins his new job on October 1. Wachovia recently reported an $8.86 billion loss for the second quarter, much wider than Wall Street was anticipating. It also recently slashed its dividend by more than 92 percent, and cut 10,750 jobs. Its debt was also downgraded by the three major rating agencies.

"The management team has an excellent plan in place to address the firm's challenges and has already made good progress," said Zwiener. "The core businesses are strong and continue to perform well."

At The Carlyle Group, Zwiener focused on global opportunities in the financial services sector. Prior to that, he worked at The Hartford Financial Services Group, where he served as president and chief operating officer of property and casualty operations and as executive vice president and chief financial officer. Prior to joining Hartford in 1995, he served for two years as CFO and executive vice president of ITT Financial Corp., where he was responsible for all finance and systems operations, and was credited with playing a key role in the sale of ITT Financial.