WELLS FARGO'S CHIEF CREDIT OFFICER LICHT TO RETIRE; MUNIO NAMED SUCCESSOR
SAN FRANCISCO — November 1, 2001
Wells Fargo & Company said today that its chief credit officer, Ely Licht, has decided to retire after an 18-year career with the company. He will be succeeded by David Munio, deputy chief credit officer, a 28-year veteran of the company. Licht has been chief credit officer since the November 1998 merger of Norwest Corporation and Wells Fargo; Munio became the company's deputy chief credit officer at the same time.
"My years with Wells Fargo have been very rewarding professionally and personally and my decision to retire is a personal one," said Licht. "I'm pleased Dave will succeed me and I'm confident his leadership will help ensure Wells Fargo's credit management continues to be viewed as one of the best in our industry."
"We respect Ely's personal decision and are happy he's agreed to continue in a consulting role next year for the Wholesale Banking Group, " said Chairman and CEO Dick Kovacevich. "This will allow us to tap into his lengthy experience with the Group and his archival knowledge of its loan portfolios. Ely will work with Dave through the end of the year to hand off responsibilities." Munio joined the former Wells Fargo in 1996 after it acquired First Interstate.
Wells Fargo is a $298 billion financial services company providing banking, investments, insurance, mortgage and consumer finance from more than 5,400 stores, the internet (wellsfargo.com ) and other distribution channels across North America and elsewhere internationally.