Business

Charlotte firm’s latest investor? Wachovia’s former CEO

Charlotte-based LendingTree has a new shareholder: Former Wachovia CEO Ken Thompson, who is shown here in a 2008 file photo.
Charlotte-based LendingTree has a new shareholder: Former Wachovia CEO Ken Thompson, who is shown here in a 2008 file photo. ASSOCIATED PRESS

Charlotte-based LendingTree has a new shareholder: Former Wachovia CEO Ken Thompson.

Thompson became a LendingTree director in March and was re-elected to the post at the company’s annual meeting in June. According to a securities filing Friday, he acquired 5,000 LendingTree shares Thursday at a price of $230.91 per share, for a total value of $1,154,550.

LendingTree spokeswoman Megan Greuling said Saturday that Thompson’s transaction was “an open market purchase, cleared through our general counsel.”

LendingTree’s proxy filing in April indicated that Thompson held no LendingTree stock as of April 21. Friday’s filing said he now owns 5,000 shares of the company, which is an online marketplace that matches borrowers with mortgage lenders.

Wachovia’s board pushed out Thompson in June 2008 after rising mortgage losses, investment banking writedowns and other problems besieged the Charlotte-based bank, which was bought months later by Wells Fargo at the height of the financial crisis.

In 2009, Thompson, now 66, joined Aquiline Capital Partners, a private equity firm that invests in banking and other financial services-related companies. His other directorships include serving on the board of Nashville, Tenn.-based Pinnacle Financial Partners, which bought High Point-based BNC Bancorp in June.

Also last week, LendingTree promoted J.D. Moriarty to chief financial officer, replacing Gabe Dalporto, who joined the company’s board. LendingTree shares rose 2 percent to $235.90 in trading Friday.

The North Carolina Business News Wire contributed

Rick Rothacker: 704-358-5170, @rickrothacker

  Comments