By Colin Kellaher

Bank of New York Mellon Corp. Chairman and Chief Executive Charles Scharf is leaving next month to become president and chief executive of Wells Fargo & Co., the banks said Friday.

Wells Fargo said Mr. Scharf will join as president, CEO and a member of the board on Oct. 21, succeeding C. Allen Parker, who has been serving on an interim basis since Timothy Sloan resigned in late March.

BNY Mellon said Mr. Scharf has stepped down as chairman and CEO, adding that Thomas "Todd" Gibbons, a 30-year company veteran, will serve as interim chief executive.

Joseph Echevarria, BNY Mellon's lead independent director, will serve as nonexecutive chairman.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

September 27, 2019 07:44 ET (11:44 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Wells Fargo Charts.
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Wells Fargo Charts.