Thursday was no fun for G. Kennedy Thompson, as the board decided it was time for him to step down as chairman at Wachovia. However, he hasn't been voted off the island just yet.

As reported today in the Wall Street Journal (subscription required), he will maintain his role of chief executive at Wachovia; Lanty L. Smith has been given the chairman position. According to the Journal article, Wachovia has "posted a $393 million loss in quarterly net income, sliced it's dividend by 40 percent and felt the brunt of its $25 billion takeover of California lender Golden West Financial Corp. in 2006." On the bright side, Thompson will probably get to keep his office. Score!