SAN FRANCISCO - July 26, 2011
Wells Fargo & Company (NYSE:WFC) announced today the appointment of Avid Modjtabai (pronounced moj-ta-ba-ee) as senior executive vice president and head of the company’s new consumer lending group. Wells Fargo Consumer Lending (WFCL) now includes the company’s Home Mortgage, Home Equity, Dealer Services, Educational Financial Services, Consumer Credit Card, Rewards and Enhancements Services and Personal Credit Management businesses.
Kevin Rhein, executive vice president and head of Wells Fargo’s Card Services and Consumer Lending group, will assume the role of senior executive vice president, Chief Information Officer and head of the enterprise-wide Technology and Operations Group most recently led by Modjtabai. Both executives will continue to report to John Stumpf, Wells Fargo’s chairman and chief executive officer.
“When we closed our acquisition of Wachovia at the end of 2008, we knew our top mission for the next two-to-three years would be to execute a seamless transition to a Wells Fargo that would double in size, serving one out of every three American households through more than 80 financial services businesses,” Stumpf said. “Now, as we enter the final stages of that work, we are forming the leadership teams and organizations to help us thrive as we move forward. Consolidating our consumer lending activities under one organization reflects our focus on putting customers at the center of everything we do, growing revenue, increasing our expense discipline and operating efficiencies, and doing so in ways that reflect our 'Vision & Values' and the high value we place on strong relationships with key stakeholders.”
Stumpf said Modjtabai brings to her new role 18 years of distinguished enterprise-wide contributions with the company. In addition to leading the Technology and Operations Group, Modjtabai previously led Wells Fargo's Internet Services and Human Resources organizations. Most recently as Wells Fargo’s top technology officer, Modjtabai led many of the efforts that ensured Wachovia's successful integration for millions of Wells Fargo and Wachovia customers.
Stumpf said Rhein, a 33-year industry veteran who led Wells Fargo’s Card Services and Consumer Lending organization through transformational changes, will bring valuable business line perspectives to the Technology and Operations group, as that organization continues to play a key role in shaping the company’s technological future.
“At Wells Fargo, we strengthen our culture and our leadership pipeline when we rotate top talent across lines of business and organizations,” Stumpf said. “Avid and Kevin established their leadership skills in this way during their Wells Fargo careers, making them ideal choices to assume key roles as we wind down our Wachovia integration and prepare for a promising future.”
The company also announced that Mike Heid has been appointed president of Wells Fargo Home Mortgage, based in Des Moines, Iowa. He will report directly to Avid Modjtabai.
Heid, a 26-year veteran of the mortgage banking industry, recently served as co-president of the mortgage company, along with Cara Heiden. Together they led Wells Fargo’s mortgage business to be the nation’s No. 1 originator of home loans and the No. 2 mortgage servicer.
Heid is active in legislative and regulatory policy matters impacting the mortgage industry, having served as the recent outgoing chair of the Housing Policy Council of the Financial Services Roundtable and as a chairman of the Fannie Mae National Housing Advisory Council.
Heiden is retiring within the next few months from her position as the mortgage company’s co-president. She has been directly responsible for leading the company’s mortgage production channels, joint ventures, marketing and cross sell areas. Under her leadership, Wells Fargo’s direct-to-consumer mortgage loans have sustained a leading national position for more than 13 consecutive years. Her legacy includes being at the forefront of leading change for the mortgage industry, working with government officials and consumer advocates on efforts to help stabilize the nation’s housing market.
“Since her earliest days with the company, Cara has been a leader who has made a difference for our team members, our customers, our shareholders and the Des Moines community,” said Stumpf. “We thank her for her many years of outstanding service, and wish her the very best as she moves forward in the next phase of her life.”
As co-presidents, Heid and Heiden reported to Mark Oman, senior executive vice president and head of Wells Fargo’s Home and Consumer Finance group. Oman announced his retirement earlier this year.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.