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Wells Fargo chairman, CEO John Stumpf retires

John StumpfWells Fargo & Company announced that chairman and CEO John Stumpf has informed the board that he is retiring from the company and the board, effective October 12, 2016.

Mr. Stumpf, a 34-year veteran of the Company, joined Wells Fargo in 1982 as part of the former Norwest Bank, becoming Wells Fargo’s CEO in June 2007 and its chairman in January 2010.

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The Board has elected Tim Sloan, the Company’s President and Chief Operating Officer, to succeed him as CEO, and Stephen Sanger, its Lead Director, to serve as the Board’s non-executive Chairman, and independent director Elizabeth Duke to serve as Vice Chair.

Mr. Sloan also was elected to the Board. Mr. Sloan joined Wells Fargo 29 years ago, launching a career that would include numerous leadership roles across the Company’s wholesale and commercial banking operations, including as head of Commercial Banking, Real Estate and Specialized Financial Services.

He became president and COO in November 2015, when he assumed leadership over the Company’s four main business groups: Community Banking, Consumer Lending, Wealth and Investment Management and Wholesale Banking.

Previously, he headed the Wholesale Banking group after serving as the Company’s Chief Financial Officer and, prior to that, as the Company’s Chief Administrative Officer.

Mr. Sanger has been a member of the Wells Fargo Board since 2003, serving as its Lead Director since 2012. He also chairs the Governance and Nominating Committee and is a member of Human Resources Committee and Risk Committee.

He was CEO of General Mills, Inc., a packaged food producer and distributor, from 1995 until 2007. He served as chairman of General Mills from 1995 to 2008. He also serves on the board of Pfizer Inc.

Ms. Duke has been a member of the Wells Fargo Board since 2015.

She served as a member of the Board of Governors of the Federal Reserve System from 2008 to 2013, where she served as Chair of the Federal Reserve’s Committee on Consumer and Community Affairs and as a member of its Committee on Bank Supervision and Regulation, the Committee on Bank Affairs, and the Committee on Board Affairs.

She also previously held senior management positions at banks including Wachovia and SouthTrust.




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