CHARLOTTE, N.C. -- Wachovia Corp. has stripped Chief Executive Ken Thompson of his chairman role in a move that separates the top management position from the top oversight role.

The Charlotte, N.C., bank on Thursday named its lead independent director, Lanty Smith, to the position of nonexecutive chairman.

Wachovia says Thompson will remain a board member in addition to his role as chief executive.

The bank says the separation "strengthens independent leadership" at the company.

Corporate governance watchdogs repeatedly call for companies to separate the CEO and chairman roles in the interest of shareholder value.