"I appreciate the confidence the Board has placed in me and I look forward to working with all of our team as 'one Wells Fargo' to continue building a culture of collaboration that, instinctively and naturally, puts what is best for the customer first and then exceeds customer expectations," said Stumpf. Kovacevich said that given the company's size, complexity, and growth prospects that Stumpf, in effect, oversees a team of seasoned CEOs - who average almost 30 years in financial services - each leading a group of businesses that separately would be the size of a Fortune 200 company:
- Howard Atkins, senior executive vice president, chief financial officer and head of controller's division, treasury, corporate development, investor relations, the company's investment portfolio, corporate properties, and venture capital;
- Dave Hoyt, senior executive vice president, head of Wholesale Banking;
- Mark Oman, senior executive vice president, head of the Home and Consumer Finance Group; and
- Carrie Tolstedt, senior executive vice president, head of Community Banking.
|1985||2006||Compound Annual Growth 1985-2006|
|Assets||$56 billion||$482 billion||11%|
|Revenue||$3.1 billion||$35.7 billion||12%|
|Net Income||$317 million||$8.5 billion||17%|
|Diluted Earnings per Share||$.18 cents||$2.49||13%|
|Market Capitalization||$2.6 billion||$120.1 billion||20%|
|Total Stock Return (TSR)**||21%|
|S&P 500 (TSR)**||12%|
**Includes reinvested dividends
The past 20, 15, 10 and five year periods Wells Fargo has achieved double-digit annual compound increases in revenue, earnings per share, and total stockholder return which was about double that of the S&P. Among the 268 companies that have been part of the S&P 500 for all the past 20 years, Wells Fargo ranks fifth in total stockholder return at 4,200 percent.
Stumpf, 53, joined the former Norwest Corporation in 1982 in the loan administration department of Norwest Bank Minneapolis, N.A. He held 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 and 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, Nevada, New Mexico, 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 July 2002, he was named head of Community Banking, reporting to Kovacevich. In August 2005, he was named President and Chief Operating Officer and last June was elected a Director.
Stumpf is a native of Pierz, Minnesota, and earned a bachelor's degree in finance from St. Cloud State University (Minn.) and a master's degree in finance from the University of Minnesota. He is Chairman of the Board of Visa U.S.A, Inc., on the Board of Visa International, The Clearing House, the San Francisco Committee on Jobs, the Bay Area chapter of Junior Achievement, and the Board of Trustees of the San Francisco Museum of Modern Art. He also is a member of the California Business Roundtable and the Financial Services Roundtable.
Kovacevich, 63, became President and CEO in November 1998, after the Norwest-Wells Fargo merger and became Chairman in April, 2001. He was named CEO of Norwest Corporation in 1993 and Chairman in 1995 after serving as President and COO since 1989. He joined Norwest in March 1986, as Vice Chairman and COO of the Banking Group.
Please click here for photos of John Stumpf and Dick Kovacevich.
Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Service, "AAA."