Wachovia's new chairman, Lanty Smith, brings experience from a range of industries, including textiles, law, medical device research and merchant banking.
Smith, 65, has served on the Wachovia board for more than 20 years and is the lead independent director.
"Wherever he is, he's going to stand out as knowledgeable and energetic," said longtime acquaintance William Friday, who presided over the University of North Carolina system for 30 years. "He radiates strength."
Friday's dealings with Smith include serving with him on the board of the Center for Creative Leadership, a highly regarded leadership education organization in Greensboro.
Smith also is chairman and chief executive of Tippet Capital, a Raleigh investment and merchant banking firm. He formerly led a similar firm in Greensboro.
In the mid-'80s, Smith was president of Burlington Industries, once the world's largest textile company. In 1988, he led the $110 million buyout of the Burlington division that became Precision Fabrics Group in Greensboro. He remains Precision's chairman.
He helped start and is president of MediWave Star Technology, a Greensboro research and development firm working with devices for cardiac care.
"His style is quiet," said Joseph Starobin, MediWave's chief scientist and a founder. "His ideas are very strong. Those who work with him respect his guidance."
Smith earned his undergraduate degree in mathematics from Wittenberg University in Springfield, Ohio, and a law degree from Duke University, according to the Ohio university's Web site. Smith has been a trustee of The Duke Endowment, according to a university release. Friday said Smith has been a strong leader for Duke.
Friday described Smith as deliberate, analytical and "just plain bright."
"Most of all, you can trust him to give you the truth," he said.
