Wells Fargo’s Ganoe to Retire in March 2006 as Head of Corporate Development; Helsel Named Successor
San Francisco — December 5, 2005
Wells Fargo & Company (NYSE:WFC) today said John Ganoe, executive vice president and corporate development director, will retire in March 2006, after 23 years with the company. Bruce Helsel, 20-year company veteran, will succeed Ganoe as head of Corporate Development. Helsel will report to Chief Financial Officer, Howard Atkins. “One of the reasons Wells Fargo is among the most financially successful companies in America is because we’ve had John guiding our acquisition efforts,” said Chairman and CEO, Dick Kovacevich. “Over 250 businesses have joined the Wells Fargo family during John’s tenure. We view mergers and acquisitions as part of our relationship-based culture. John’s ability to cultivate relationships with potential acquisition partners and his superb skills have helped Wells Fargo earn a reputation as one of the most disciplined and thoughtful acquirers in the industry, which has helped our company earn a total annual compound stockholder return of nearly 22% since 1986 – an impressive record in any industry.” Ganoe began his Wells Fargo career in 1983 when he joined the former Norwest as regional controller for the Iowa banking region and was later named chief administrative officer. In 1985, he assumed responsibility for developing Norwest’s policy, standards and procedures program, led the company’s acquisition efforts in 1986 through 1990 and was named executive vice president and head of Strategic Planning and Acquisitions in 1990. Ganoe assumed his current role in 1998 after the Norwest-Wells Fargo merger. “Bruce was the first member of Norwest’s Corporate Development team back in the late-1980s,” said Atkins. “He’s been working closely with John for the past year. The relationship approach and pricing discipline that we use in our acquisition strategy will continue to be one of Wells Fargo’s hallmarks.” A 20-year company veteran, Helsel joined the former Wells Fargo’s Strategic Planning department in 1985. He began working with Ganoe in 1989 when he joined the former Norwest’s Corporate Development team. In 1994, he was named director of Financial Risk Management for the company and in 1995 he was named group financial officer for Norwest’s North Central Banking Group. He joined Wells Fargo’s Wholesale Banking group in 1998 as finance manager. Since January 2005, Helsel has been reporting to Ganoe as deputy head of the function. Helsel is a 1979 graduate of Yale University where he earned a bachelor’s degree in economics, and he received his MBA in finance from George Washington University in 1985. Before joining the financial services industry, Helsel was an assistant basketball coach at Yale (1980-1982) and a teacher at Hamden Hall Prep School in Hamden, Conn (1982-1983). Wells Fargo & Company is a diversified financial services company with $453 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 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.