Stumpf Named President, Chief Operating Officer of Wells Fargo & Company
August 01 2005 - 5:00PM
PR Newswire (US)
Stumpf Named President, Chief Operating Officer of Wells Fargo
& Company Hoyt, Oman, Atkins, named Senior EVPs SAN FRANCISCO,
Aug. 1 /PRNewswire-FirstCall/ -- Wells Fargo & Company's Board
of Directors has named John G. Stumpf, Group EVP of Community
Banking, to be the Company's President and Chief Operating Officer.
The appointment is effective immediately; he will continue to
report to Chairman and CEO, Richard M. Kovacevich. The Board of
Directors also has promoted David A. Hoyt, group EVP, Wholesale
Banking; Mark C. Oman, group EVP, Home and Consumer Finance; and
Howard I. Atkins, EVP and chief financial officer, to Senior
Executive Vice Presidents of the Company. Hoyt and Atkins will
continue to report to Kovacevich as will the heads of audit,
communications, credit, human resources, legal, and the venture
capital companies. Stumpf is a 23-year veteran of the company and
has been in his current role the past three years. Most recently,
he has been responsible for Regional Banking, Diversified Products,
Private Client Services, Internet Services and Wells Fargo Services
(technology and operations) and oversees 81,000 team members,
serving more than 13 million customers across North America. Mark
C. Oman, Senior EVP, Home and Consumer Finance Group, which
includes Wells Fargo Home Mortgage, Wells Fargo Financial and the
Consumer Credit Group, will report to Stumpf, as will Patricia R.
Callahan, head of compliance and enterprise risk management. "John
Stumpf has grown into an outstanding leader during almost a quarter
of a century with our company and beginning in our communities
close to our customers," said Kovacevich. "He's earned increasing
responsibility by inspiring and leading his teams with the highest
integrity to consistently superior financial performance and
outstanding community involvement. He lives and breathes our
corporate culture which starts in our communities with our
talented, caring team members and focuses everything we do on
satisfying the financial needs of all our customers and helping
them to succeed financially. Our Board and I have every confidence
he will be an outstanding president and chief operating officer.
"With John, Dave Hoyt, Mark Oman and Howard Atkins, Wells Fargo is
fortunate to have an outstanding team of senior leaders. I believe
their individual expertise and experience, along with their
talented direct reports, represent the best senior management team
in the entire financial services and banking industry. I look
forward to working with them and our entire management team as we
continue to focus on achieving industry-leading, double- digit
growth in revenue, net income and earnings per share and being
known as one of America's great companies." Consistent with Company
policy for senior executives, Kovacevich would remain with the
Company no later than the end of 2008 when he would be 65. Stumpf
joined the former Norwest Corporation in 1982 as a senior vice
president and chief credit officer for Norwest Bank, N.A.,
Minneapolis. He held a number of management positions at Norwest
Bank Minneapolis and Norwest Bank Minnesota before being named
chairman and CEO of Norwest Bank Arizona in 1989. He became
regional president for Norwest Banks in Greater Colorado/Arizona in
1991. From 1994 to 1998, he was regional president for Norwest Bank
Texas. During his four years in that position, he led Norwest's
acquisition of 30 Texas banks with total assets of more than $13
billion. In 1998, with the merger of Norwest Corporation and Wells
Fargo & Company, he became head of the Southwestern Banking
Group (Arizona, New Mexico and Texas). Two years later he became
head of the new Western Banking Group (Arizona, Colorado, Idaho,
New Mexico, Nevada, Oregon, Utah, Texas, Washington, and Wyoming).
In 2000, he led the integration of Wells Fargo's acquisition of the
$23 billion First Security Corporation, based in Salt Lake City. In
May 2002, he was named head of Community Banking, reporting to
Kovacevich. Stumpf, 51, is a native of Pierz, Minnesota, earned his
bachelor's degree in accounting from St. Cloud State University
(Minn.) and a master's degree in finance from the University of
Minnesota. He serves on the boards of Visa USA, Visa International,
Inovant (Visa's systems and processing services subsidiary), the
San Francisco Zoological Society, the Bay Area chapter of Junior
Achievement, Regis University (Denver) and is treasurer of the Bay
Area Council. Wells Fargo & Company is a diversified financial
services company with $435 billion in assets providing banking,
insurance, investments, mortgage and consumer finance for more than
23 million customers through more than 6,000 stores, the internet
and other distribution channels across North America and elsewhere
internationally. Wells Fargo Bank, N.A. is the nation's only "Aaa"
credit-rated bank, the highest such rating possible. DATASOURCE:
Wells Fargo & Company CONTACT: MEDIA: Larry Haeg,
+1-415-396-3070, or INVESTORS: Bob Strickland, +1-415-396-0523,
both of Wells Fargo & Company Web site:
http://www.wellsfargo.com/
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