Stumpf Named President, Chief Operating Officer of Wells Fargo & Company
Hoyt, Oman, Atkins, named Senior EVPs
Hoyt, Oman, Atkins, named Senior EVPs
San Francisco — August 1, 2005
Wells Fargo & Company’s Board of Directors has named John G. Stumpf, Group EVP of Community Banking, to be the Company’s President and Chief Operating Officer. The appointment is effective immediately; he will continue to report to Chairman and CEO, Richard M. Kovacevich. The Board of Directors also has promoted David A. Hoyt, group EVP, Wholesale Banking; Mark C. Oman, group EVP, Home and Consumer Finance; and Howard I. Atkins, EVP and chief financial officer, to Senior Executive Vice Presidents of the Company. Hoyt and Atkins will continue to report to Kovacevich as will the heads of audit, communications, credit, human resources, legal, and the venture capital companies. Stumpf is a 23-year veteran of the company and has been in his current role the past three years. Most recently, he has been responsible for Regional Banking, Diversified Products, Private Client Services, Internet Services and Wells Fargo Services (technology and operations) and oversees 81,000 team members, serving more than 13 million customers across North America. Mark C. Oman, Senior EVP, Home and Consumer Finance Group, which includes Wells Fargo Home Mortgage, Wells Fargo Financial and the Consumer Credit Group, will report to Stumpf, as will Patricia R. Callahan, head of compliance and enterprise risk management.
“John Stumpf has grown into an outstanding leader during almost a quarter of a century with our company and beginning in our communities close to our customers,” said Kovacevich. “He’s earned increasing responsibility by inspiring and leading his teams with the highest integrity to consistently superior financial performance and outstanding community involvement. He lives and breathes our corporate culture which starts in our communities with our talented, caring team members and focuses everything we do on satisfying the financial needs of all our customers and helping them to succeed financially. Our Board and I have every confidence he will be an outstanding president and chief operating officer. With John, Dave Hoyt, Mark Oman and Howard Atkins, Wells Fargo is fortunate to have an outstanding team of senior leaders. I believe their individual expertise and experience, along with their talented direct reports, represent the best senior management team in the entire financial services and banking industry. I look forward to working with them and our entire management team as we continue to focus on achieving industry-leading, double-digit growth in revenue, net income and earnings per share and being known as one of America’s great companies.” Consistent with Company policy for senior executives, Kovacevich would remain with the Company no later than the end of 2008 when he would be 65. Stumpf joined the former Norwest Corporation in 1982 as a senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before being named chairman and CEO of Norwest Bank Arizona in 1989. He became regional president for Norwest Banks in Greater Colorado/Arizona in 1991. From 1994 to 1998, he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest’s acquisition of 30 Texas banks with total assets of more than $13 billion. In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, New Mexico, Nevada, Oregon, Utah, Texas, Washington, and Wyoming). In 2000, he led the integration of Wells Fargo’s acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named head of Community Banking, reporting to Kovacevich. Stumpf, 51, is a native of Pierz, Minnesota, earned his bachelor’s degree in accounting from St. Cloud State University (Minn.) and a master’s degree in finance from the University of Minnesota. He serves on the boards of Visa USA, Visa International, Inovant (Visa’s systems and processing services subsidiary), the San Francisco Zoological Society, the Bay Area chapter of Junior Achievement, Regis University (Denver) and is treasurer of the Bay Area Council. Wells Fargo & Company is a diversified financial services company with $435 billion in assets providing banking, insurance, investments, mortgage and consumer finance for more than 23 million customers through more than 6,000 stores, the internet and other distribution channels across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the nation’s only “Aaa” credit-rated bank, the highest such rating possible.