Wells Fargo Names Charles W. Scharf Chief Executive Officer and President
September 27 2019 - 7:00AM
Business Wire
The Board of Directors of Wells Fargo & Company (NYSE: WFC)
announced today that it has named Charles W. Scharf as the
company’s chief executive officer and president, and a member of
the Board of Directors, effective October 21. Scharf was chairman
and CEO of Bank of New York Mellon.
Wells Fargo Board Chair Betsy Duke said, “I am delighted to
welcome Charlie as our new CEO. Charlie is a proven leader and an
experienced CEO who has excelled at strategic leadership and
execution and is well-positioned to lead Wells Fargo’s continued
transformation. With more than 24 years in leadership roles in the
banking and payments industries, including as CEO of Visa Inc. and
Bank of New York Mellon, Charlie has demonstrated a strong track
record in initiating and leading change, driving results,
strengthening operational risk and compliance, and innovating amid
a rapidly evolving digital landscape. Charlie’s financial and
business acumen, integrity, passion for diversity and inclusion,
and commitment to strong talent management are important qualities
considered by our board’s search committee.”
In March, the board appointed C. Allen Parker interim CEO and
president and a member of the board. Parker will continue to serve
in these roles until Scharf joins the company; Parker will
thereafter support the transition as a key member of the company’s
leadership team and general counsel.
“On behalf of the Board of Directors, I wish to thank Allen for
his exemplary leadership during this transition. He has continued
to move the company forward on our top priorities in a focused and
transparent way. His leadership through this time has been
invaluable for our stakeholders, particularly for our 263,000 team
members,” added Duke. “I also want to thank our search committee
for conducting a thorough process that was comprehensive in its
diligence and reach. The committee focused on top industry talent,
and in Charlie, we are confident that we have identified the best
leader to take Wells Fargo forward.”
Scharf said, “I am honored and energized by the opportunity to
assume leadership of this great institution, which is important to
our financial system and in the midst of fundamental change. I have
deep respect for all the work that has taken place to transform
Wells Fargo, and I look forward to working closely with the board,
members of the management team, and team members. I am committed to
fully engaging with all of our stakeholders including regulators,
customers, elected officials, investors, and communities.
“I also want to note the wonderful job Allen has done as general
counsel and interim CEO in providing strong leadership. Given his
experiences and accomplishments, I know we will work closely
together as we move forward,” added Scharf.
Parker said, “Over the last six months, I have gained an even
greater understanding as to what an extraordinary company Wells
Fargo is. I have been incredibly impressed by our team members and
their commitment to serve our customers, move the company forward,
and build an even stronger foundation for the future. I am proud of
the progress we have made together, and I look forward to working
with Charlie to ensure a seamless transition and continuation of
our progress.”
Prior to his role at BNY Mellon, Charlie was CEO of Visa, Inc.
Before joining Visa, Scharf was managing director of One Equity
Partners, the private investment arm of JP Morgan Chase & Co.
He also served as Chief Executive Officer of Retail Financial
Services at JP Morgan Chase and Chief Executive Officer of the
retail division of Bank One Corp. Scharf has been CFO of Bank One
Corp., CFO of the Global Corporate and Investment Bank division at
Citigroup, and CFO of Salomon Smith Barney.
Scharf will continue to be located in New York. He serves on the
Board of Directors of Microsoft Corporation. Scharf is also a
member of the Business Council, Chairman of the New York City
Ballet and a member of the Board of Trustees for Johns Hopkins
University.
Conference Call
The company will host a live conference call on September 27,
2019, at 6 a.m. PT (9 a.m. ET) to discuss today’s announcement. The
live audio webcast will be available at the following address:
https://engage.vevent.com/rt/wells_fargo_ao/index.jsp?seid=498.
You also may listen to the call by dialing 866-872-5161.
A replay of the conference call will be available beginning at 9
a.m. PT (12 p.m. ET) on September 27 through Friday, October 11.
Please dial 855-859-2056 (U.S.) or 404-537-3406 (International) and
enter Conference ID #8975877.
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,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,600 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 263,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20190927005168/en/
Media Arati Randolph, (704) 743-6968
arati.randolph1@wellsfargo.com Jennifer Langan, (213) 598-1490
jennifer.l.langan@wellsfargo.com or Investor Relations John
Campbell, 415-396-0523 john.m.campbell@wellsfargo.com
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