SAN FRANCISCO--(BUSINESS WIRE)--Wells
Fargo & Company (NYSE: WFC) announced today that Franklin Codel,
a senior executive vice president and head of its Consumer Lending
organization, has been dismissed from the company, effective
immediately. The company said the dismissal was the result of Codel’s
acting in a manner that was contrary to the company’s policies and
expectations of its senior leaders during a communication he had with a
former team member regarding that team member’s earlier termination.
The company said the reasons for the dismissal did not involve the
business or operations of Consumer Lending, the servicing of its
customers, or its performance or financial results. The dismissal also
did not pertain to sales practices at the company.
“Difficult as this situation is, the decision reflects our commitment to
our values and culture and to executive accountability,” said President
and Chief Executive Officer Tim Sloan. “We have a strong team in
Consumer Lending and I am fully confident that the transition will be
smooth and that its businesses will continue to operate normally in
serving our customers.”
The company said it expects to announce a permanent successor to head
Consumer Lending by the end of the year. In the interim, the heads of
the group’s four main lines of business will report to Sloan. His
interim direct reports from Consumer Lending will include Michael
DeVito, who has been named interim head of Wells Fargo Home Lending and
served most recently as head of Mortgage Production; Laura Schupbach,
head of Wells Fargo Dealer Services; John Rasmussen, head of Personal
Lending; and Laurie Nordquist, head of Personal Insurance.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, insurance, investments, mortgage, and
consumer and commercial finance through more than 8,400 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 42 countries and territories to support customers who conduct
business in the global economy. With approximately 268,000 team members,
Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of
America’s largest corporations. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.
