Wells Fargo’s Renner to Retire As Head of Equipment Finance; McQueen Named Successor
Minneapolis — October 7, 2005
The head of Wells Fargo & Company’s (NYSE: WFC) leasing and equipment finance business the past 13 years, Jim Renner, said today he plans to retire at the end of this year. Renner – who led the growth of the business’s leasing portfolio during his tenure from $530 million to $7.5 billion – will be succeeded by John McQueen, a 12-year veteran of Wells Fargo. McQueen will report to Tim Sloan, head of Specialized Financial Services.McQueen will be responsible for the 40 locations and 375 employees nationwide who make up Wells Fargo Equipment Finance, Inc. (WFEFI) in the U.S. and Canada. A 20-year veteran of the industry, he has been executive vice president and chief operating officer of WFEFI since 2003 and is based in Minneapolis. “During Jim’s 13-year tenure as head of equipment finance, the business became a national business with operations in Canada, and is now the sixth largest bank leasing company,” said David Hoyt, executive vice president and head of Wells Fargo’s Wholesale Banking Group. “We’re confident that John and our equipment finance team can build on this outstanding track record so we can continue to make progress toward our vision of satisfying all our customer’s financial needs and help them succeed financially. We look forward to John’s leadership as we continue to provide the equipment leasing needs of middle market companies throughout the nation and Canada. His experience, familiarity with our “people-as-a-competitive-advantage” culture, and his reputation in the industry make him an ideal successor to Jim Renner.” A 30-year industry veteran, Renner joined Wells Fargo (the former Norwest) in 1990 after 15 years at First Bank System, twelve years as president of its leasing company. He became president of Norwest Equipment Finance in 1992 and president of WFEFI with the Wells Fargo-Norwest merger in 1998. He has been active in the Equipment Leasing Association (ELA), the leasing trade association, for the last 20 years, serving on committees, as a director, vice chairman and chairman in 1999. He has also been a trustee of the ELA Foundation and served as chairman of the foundation from 2002 to 2004. McQueen joined WFEFI in 1994 as the sales manager of the newly formed vendor and discounting business line. He was promoted to national sales manager in 1999, and to chief operating officer in 2003. Prior to joining WFEFI, he spent 17 years with IBM, including ten years with the IBM Credit Corp. Wells Fargo Equipment Finance, Inc. provides competitive fixed and floating rate loans and leases to middle market companies in all fifty states. It is the 6th largest bank-owned equipment leasing and finance company in the United States. Wells Fargo Wholesale Banking - with $88 billion in assets, and more than 500 locations coast-to-coast - includes middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and asset management. Its Commercial Electronic Office (CEO®) internet portal processes more than one million customer account log-ins a month. Wells Fargo is #1 in market share for middle market commercial customers in the western United States. Wholesale Banking accounts for about a quarter of the total earnings of Wells Fargo & Company. Wells Fargo & Company is a diversified financial services company with $435 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.