Statement Regarding Head of Wells Fargo Consumer Lending
November 17 2017 - 8:00AM
Business Wire
Wells Fargo & Company (NYSE: WFC) announced today that
Franklin Codel, a senior executive vice president and head of its
Consumer Lending organization, has been dismissed from the company,
effective immediately. The company said the dismissal was the
result of Codel’s acting in a manner that was contrary to the
company’s policies and expectations of its senior leaders during a
communication he had with a former team member regarding that team
member’s earlier termination.
The company said the reasons for the dismissal did not involve
the business or operations of Consumer Lending, the servicing of
its customers, or its performance or financial results. The
dismissal also did not pertain to sales practices at the
company.
“Difficult as this situation is, the decision reflects our
commitment to our values and culture and to executive
accountability,” said President and Chief Executive Officer Tim
Sloan. “We have a strong team in Consumer Lending and I am fully
confident that the transition will be smooth and that its
businesses will continue to operate normally in serving our
customers.”
The company said it expects to announce a permanent successor to
head Consumer Lending by the end of the year. In the interim, the
heads of the group’s four main lines of business will report to
Sloan. His interim direct reports from Consumer Lending will
include Michael DeVito, who has been named interim head of Wells
Fargo Home Lending and served most recently as head of Mortgage
Production; Laura Schupbach, head of Wells Fargo Dealer Services;
John Rasmussen, head of Personal Lending; and Laurie Nordquist,
head of Personal and Small Business Insurance.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial
finance through more than 8,400 locations, 13,000 ATMs, the
internet (wellsfargo.com) and mobile banking, and has offices in 42
countries and territories to support customers who conduct business
in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States.
Wells Fargo & Company was ranked No. 25 on Fortune’s 2017
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171117005324/en/
MediaOscar Suris,
704-383-4646415-793-0669Oscar.Suris@wellsfargo.com@OscarSurisWForJennifer
Temple, 415-396-3337jennifer.a.temple@wellsfargo.comorTom Goyda,
314-875-8222Tom.Goyda@wellsfargo.comorInvestorsJohn
Campbell, 415-396-0523John.M.Campbell@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024