Carlos Migoya, Former Wachovia Exec, To Be Named Interim City Manager, UPDATE

Mayor Tomas Regalado will name Carlos Migoya, a former Wachovia Bank president and Autonation executive, as interim city manager later this afternoon, Riptide's sources say.

Migoya will take over from Pete Hernandez, who handed in his resignation on Friday amidst a widening federal probe into the city's disastrous finances.

Migoya was president of Wachovia's operations in Miami-Dade and the Florida Keys until 2006, when he took a promotion to become CEO of the bank's Atlantic region.

The Cuban native got his start in 1974 as president of Southeast Bank, according to an archived Herald story about his promotion.

Migoya will serve on an interim basis, Riptide's City Hall sources say.

Regalado has called a 1 p.m. meeting at City Hall to announce his choice.

UPDATE: Regalado indeed named Migoya as interim city manager at City Hall this afternoon.

The big surprise? The former bank exec will work pro bono.

It's a nice gesture considering the city's financial mess. And considering that Migoya owns a Brickell Key condo valued at $1.2 million in 2008, according to Riptide's records search, it's not like he's hurting for the cash.

Migoya also owns another condo, valued last year at $429,000, in Coconut Grove on Franklin Ave.

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Tim Elfrink is a former investigative reporter and managing editor for Miami New Times. He has won the George Polk Award and was a finalist for the Goldsmith Prize for Investigative Reporting.
Contact: Tim Elfrink