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.

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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

 
 

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