Wells Fargo Taps Santander US Chief as Chief Operating Officer
December 02 2019 - 5:47PM
Dow Jones News
By Kimberly Chin
Wells Fargo & Co. (WFC) has named Scott Powell, the chief
executive at Santander Holdings USA Inc., as its next chief
operating officer, a move that will bring an executive experienced
in financial turnarounds and regulation to its fold.
He will begin his newly-created role at Wells Fargo on Dec. 9.
Based in New York, Mr. Powell will oversee regulatory execution and
relations, enterprise-shared services as well as other operational
functions at the company, Wells Fargo said.
"He's the ideal person to take on this new position as we seek
to transform Wells Fargo so that high-quality execution, clear
accountability and operational excellence become unquestioned
components of our culture," said Wells Fargo CEO Charlie Scharf in
prepared remarks.
At Santander, Mr. Powell, who also held the chief executive role
at Santander Consumer USA Holdings Inc., was responsible for
leading the financial turnaround at the consumer-finance company,
including dealing with significant regulatory issues, improving
customer oversight and improving financial and operating
controls.
Separately, Santander Holdings USA has named Timothy Wennes to
succeed Mr. Powell as its next chief executive, effective
immediately. Mr. Wennes joined Santander in September as the chief
executive officer of Santander Bank, N.A. He will now hold both
titles.
Santander's U.S. Chief Risk Officer Mahesh Aditya has been named
chief executive of Santander Consumer USA. He first joined
Santander in 2017 and previously held the role of chief operating
officer.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
December 02, 2019 17:32 ET (22:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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