Chief Administrative Officer and Chief Auditor begin leaves of absence; new leaders named
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Co. (NYSE: WFC) announced today that Chief Administrative
Officer Hope Hardison and Chief Auditor David Julian have begun leaves
of absence from Wells Fargo and will no longer be members of the
company’s Operating Committee. These leaves relate to previously
disclosed ongoing reviews by regulatory agencies in connection with
historical retail banking sales practices. These leaves of absence are
unrelated to the company’s reported financial results or internal
financial controls.
The company has made key leadership appointments, effective immediately:
For the Chief Administrative Office functions:
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David Galloreese continues as head of Human Resources and will report
directly to CEO and President Tim Sloan and join the Operating
Committee. Cara Peck, who heads the Culture and Change Management
teams, will report directly to Galloreese.
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Jim Rowe continues as head of Stakeholder Relations and will report
directly to Sloan. Stakeholder Relations will expand to include
Corporate Philanthropy and Community Relations, headed by Jon Campbell.
For the Audit Services function:
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Kimberly Bordner, currently executive audit director, will become the
company’s acting Chief Auditor. The function will continue to report
to the Board of Directors’ Audit & Examination Committee (and
administratively to Sloan). The company will conduct an internal and
external search for the role.
In addition, current Operating Committee members will take on additional
responsibilities that were part of the Chief Administrative Office:
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Chief Financial Officer John Shrewsberry will oversee Data Management
and Insights, led by Zac Maufe, and Commitment to Customer Center of
Excellence, headed by Joe Rice.
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Avid Modjtabai, head of Payments, Virtual Solutions and Innovation,
will assume responsibility for Marketing, led by Jamie Moldafsky.
Marketing will continue to serve the enterprise and Wells Fargo’s
businesses.
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Chief Risk Officer Mandy Norton will assume responsibility on an
interim basis for Integration and Planning, led by Sophie Sharp, as
the company refines the final organizational alignment.
The Operating Committee is led by Sloan and composed of Mary Mack, head
of Consumer Banking; Avid Modjtabai, head of Payments, Virtual Solutions
and Innovation; Perry Pelos, head of Wholesale Banking; Jon Weiss, head
of Wealth and Investment Management; David Galloreese, head of Human
Resources; Mandy Norton, Chief Risk Officer; Allen Parker, General
Counsel; and John Shrewsberry, Chief Financial Officer. In addition, the
company previously announced that it is hiring a new
technology leader who will report to Sloan and join the Operating
Committee.
“Because of the depth of our management team, we are confident in our
ability to ensure an effective transition,” Sloan said. “During the past
two years, we have become more customer-focused, made significant
leadership and board changes, strengthened risk management and controls,
simplified the organization, and invested in our team members. We remain
steadfast in our focus on making things right for customers and building
a better Wells Fargo.”
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, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,950
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 37 countries and territories to support
customers who conduct business in the global economy. With approximately
262,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.
