Wells Fargo names Tim Sloan as its president, Chief Operating Officer

Investing.com - Investing.com -- Wells Fargo & Company (N:WFC) announced on Tuesday that its Board of Directors has named Timothy Sloan as its president and chief operating officer in a position where he will report directly to CEO John Stumpf effective immediately.
Sloan, a 28-year company veteran, has served as Wells Fargo's head of wholesale banking since 2014, a position he will retain in his new role. Sloan will also remain on the company's Operating Committee, which is headed by Stumpf. Before heading the company's wholesale banking division, Sloan spent four years as the company's Chief Financial Officer from 2011 to 2014.
"As we prepare for Wells Fargo's future, Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change that position us for growth and enhance the many ways in which we help our customers succeed financially,' Stumpf said. 'Tim has been a go-to leader throughout the post-financial crisis period and our historic Wachovia merger, having served as our CFO and CAO, and leading top businesses and organizations. He has earned the respect of his peers and our stakeholders by demonstrating his passion for putting customers first and for the kind of relationship-building that has been a hallmark of Wells Fargo's finest leaders."
For a 20-year period from 1991 until 2010, Sloan served in a variety of leadership roles in wholesale banking including: head of Commercial Banking, Real Estate and Specialized Financial Services. Sloan earned a B.A. in economics and history and his M.B.A. in finance and accounting, both from the University of Michigan.
"I look forward to working with Tim and the rest of our senior leadership team, because there has never been a more exciting time to be in banking," Stumpf added. "Wells Fargo is becoming more agile and more innovative while keeping its focus on what customers demand from their financial institution: a trusted relationship. We will pursue Wells Fargo's future without ever losing sight of the needs of our customers, team members, investors and communities."
In mid-October, Wells Fargo reported third quarter revenue of $21.9 billion and net profit of $5.8 billion, both up by at least 1% from the same quarter in 2014.
Shares in Wells Fargo closed at 54.96, down 0.30 or 0.54% on the session.