Tolstedt led the nation’s largest retail banking branch network
Wells Fargo & Company (NYSE:WFC) announced today that Carrie Tolstedt,
the company’s head of Community Banking, has decided to retire at year’s
end after a long and successful career, and effective July 31 will be
succeeded by Mary Mack, who currently serves as president and head of
Wells Fargo Advisors, the company’s national retail brokerage.
Tolstedt is a 30-plus year veteran of financial services with 27 years
at Wells Fargo. Following the company’s 2008 merger with Wachovia Corp.,
she was instrumental in building the nation’s largest retail branch
network with 6,000 locations and 13,000 ATMs in 39 states and the
District of Columbia. The Community Bank enjoys industry leadership in
many areas, including retail deposit market share, debit card
transaction volume, small business lending and mobile banking.
Additionally, Tolstedt’s team is a leader in building and deepening
customer loyalty and team member engagement across the business, which
today serves more than 20 million retail checking households and 3
million small business owners, and employs 94,000 team members.
“A trusted colleague and dear friend, Carrie Tolstedt has been one of
our most valuable Wells Fargo leaders, a standard-bearer of our culture,
a champion for our customers, and a role model for responsible,
principled and inclusive leadership,” said John Stumpf, Wells Fargo’s
chairman and chief executive officer. “Because of her passion for
serving our customers, wherever and however they chose to receive their
banking services – online, in branches, or via mobile phones – Carrie
leaves Wells Fargo uniquely positioned to continue to be a leader in
retail banking, no matter how the future of banking evolves. We share in
the pride that she has for the legacy, accomplishments and talent that
she will leave behind.”
Tolstedt, a native of Nebraska who joined Wells Fargo as a Norwest Bank
team member in 1986, has been a banking industry fixture, having been
recognized since 2003 by American Banker as one of the “Most
Powerful Women in Banking” and included four times in Fortune magazine’s
“50 Most Powerful Women in Business.” Through her transition to
retirement, she will continue to report to Tim Sloan, the company’s
president and chief operating officer, working closely with him and
Mack, who also will report to Sloan. Mack’s successor in her Wells Fargo
Advisors role will be announced at a later date.
“Wells Fargo has been my life’s passion, because I have loved the
opportunity to help others succeed financially, which is the very
essence of why we do what we do each day at this great company,”
Tolstedt said. “The journey has been made all the more rewarding by the
incredible Wells Fargo people I’ve had the privilege to call my
colleagues, friends and family. This franchise has never been stronger
for the opportunities that lie ahead, and I am simply grateful to have
been a part of it.”
Stumpf said the transition from Tolstedt to Mack also has all the
hallmarks of Wells Fargo’s commitment to stable, long-range succession
planning.
“Both of these individuals represent the best that our industry has to
offer in terms of business acumen, operational know-how, organizational
savvy and leadership skills, because over the course of their careers
they have had the diversity of experiences that positioned them well for
any number of top leadership roles at our company,” Stumpf said. “Our
team has tremendous confidence that Mary will continue the tradition of
excellence and commitment to our company’s vision that so characterized
the Community Banking team led by Carrie.”
Mack, a 32-year veteran of the financial services industry, currently
leads the third-largest full-service retail brokerage operation in
financial services, a business with $1.4 trillion in client assets and
approximately 15,000 financial advisors. Mack, who joined the company
through the merger of Wachovia and First Union, has served previously in
a variety of leadership positions, including as head of Wealth Brokerage
Services (bank/brokerage channel) for Wachovia, a General Bank regional
president, director of Community Affairs and a managing director of
Healthcare Corporate Banking. For a second year in a row, Mack has been
named among the “25 Most Powerful Women in Finance” by American Banker
and twice a member of the same publication’s “Most Powerful Women in
Banking Team.”
“This is an exciting time to be in financial services, especially on the
retail side of the business, where we see expanding opportunities to add
value to our customers’ lives, and where market trends point to new
avenues for growth. For these reasons, and for the opportunity to lead
the best retail banking team in the business, I am thrilled and
honored,” Mack said. “Carrie has been an excellent friend and colleague,
and I look forward to working with her, John and Tim, and the entire
senior leadership team as we work to make this transition a great
success for Wells Fargo’s stakeholders.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 269,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.