What Wells Fargo's Executive Shuffle Really Means (It's Good News For Investors)

Apr 1 2014, 7:10pm CDT | by

Wells Fargo continues its tradition of rotating top executives as CFO Tim Sloan moves into a new role as head of Wholesale Banking.

Sloan will fill David Hoyt’s slot. Hoyt, a 32-year Wells veteran, announced his retirement and will leave the bank come June. The CFO role will be filled by John Shrewsberry who currently heads Wells Fargo Securities.

In order to round out top executives’ experience CEO John Stump actively rotates them among the bank’s crucial departments including technology, finance, compliance, human resources and lending.

null

At rival JPMorgan Chase a CEO succession plan is a growing concern as heirs to Jamie Dimon have been leaving the bank over the last couple of years. The succession issue at JPM is leaving many nervous about life after Dimon.

Wells Fargo CEO John Stumpf touted the bank’s deep bench of potential successors when FORBES interviewed him for a cover story in 2012.

For instance, before he was named CFO in 2011, he was chief administrative officer. Other executives including head of consumer lending, Avid Modjtabi, was head of the Technology and Operations Group and Chief Information Office where she lead the systems and infrastructure integration of Wachovia. She also served as director of human resources.

Current chief administrative officer Pat Callahan was previously head of Compliance and Enterprise Risk Management for Wells.

“Today’s appointments represent a natural evolution of executive responsibilities at our company,” said Stumpf in a statement. “They also demonstrate the deep bench of high-caliber leaders at Wells Fargo and the value of rotating them into different roles to effect seamless leadership transitions.”

Source: Forbes Business

 
 
 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Need for Speed Reboot is Coming This Fall
Need for Speed Reboot is Coming This Fall
EA will release a complete new Need for Speed this fall. The video game giant just released a teaser video and the first Need for Speed Gameplay video will be revealed in June.
 
 
Google Self-Driving Cars to Hit Public Roads this Summer
Google Self-Driving Cars to Hit Public Roads this Summer
Google announced today that Google Car prototype vehicles will leave the test track and hit the familiar roads of Mountain View.
 
 
Google Search Analytics Launched in Web Master Tools
Google Search Analytics Launched in Web Master Tools
Google officially announced the new Search Analytics feature in Webmaster tools.
 
 
T-Mobile Hits Verizon with new 'Never Settle Trial' Campaign
T-Mobile Hits Verizon with new 'Never Settle Trial' Campaign
In case customers don't feel satisfied, T-Mobile will pay for them to shift back to Verizon